IFG Group acquire Jersey bank
Date: 04-01-2006
Source: IFG Group plc
IFG Group plc is pleased to announce that it has acquired, through its subsidiary IFG Trust (Jersey) Limited (“IFG Trust”), the entire issued share capital of Bank of Scotland Trust Company (International) Limited (“BofS Trust Co”), a company based in Jersey.
BofS Trust Co provides trust and company administration services primarily for UK and European clients and has some 269 companies, trusts and other entities under administration. These client entities have total underlying assets of approximately Stg£340 million.
The consideration will be a maximum of Stg£6,800,000 (€10,015,465), of which Stg£6,591,623 (€9,708,554) has been satisfied in cash upon completion. The balance will be satisfied in cash upon the completion of audited accounts for the year ending 23 December 2005 and will be an amount equivalent to profits before tax for the period 1 December 2005 to 22 December 2005.
The business of BofS Trust Co will be integrated into IFG Trust’s activities and will operate under IFG’s International Trustee and Corporate Services Division, consolidating IFG’s position as one of the leading independent offshore corporate service providers.
BofS Trust Co’s strength in the UK and European market complements the existing IFG International Divisions business which is particularly strong in the North American and Far Eastern Markets.
In the year ended 24 December 2004, the last date to which audited accounts were prepared, BofST Trust Co had turnover of Stg£1,343,000 (€1,978,054) and profit on ordinary activities before tax of Stg£659,000 (€970,616). Net assets acquired on completion were Stg£3,091,623 (€4,553,535), of which cash and bank balances were Stg£2,824,950 (€4,160,763).
The acquisition agreement contains warranties and indemnities in favour of IFG Trust.
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