Fintech iFast to Acquire 85% Stake in UK’s BFC Bank
- The deal will be closed for £40 million.
- It is now pending regulatory and shareholders’ approval.
Singapore-based iFast Corporation, a wealth management company, is looking to acquire an 85 percent stake in the United Kingdom-licensed BFC Bank for £40 million, a regulatory filing on Friday revealed.
iFast has already entered into an agreement with partner Eagles Peak to acquire the stakes in the platform from its Bahrain parent BFC Group. Eagles Peak was incorporated in 2020 for the sole purpose of acquiring the BFC Bank. If the deal goes through, iFast will hold an 85 percent stake in Eagles Peak, while the remaining 15 percent will be held by MMSS Investments, the current sole owner.
Out of the total proceeds, £22.6 million will be used to fund the acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term, while another £15 million will be injected as capital into the bank. The remaining £2.4 million of the proceeds will be utilized to offset the transaction costs.
The proposed acquisition deal now requires approval from the Prudential Regulation Authority and the Financial Conduct Authority in the UK, along with the shareholders of the companies.
Long Term Plans
BFC is a fully licensed bank in the United Kingdom and is operating under the Financial Services Compensation Scheme. Its acquisition will help the Singaporean fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Read this Term to expand its reach in the lucrative British market.
The deal was inked as a part of iFast’s extended 5-year plan for global expansion. It is expected to help the company acquire more banking customers at a faster pace.
“While the group has made substantial progress as a wealth management platform without some of the key advantages that the banks have, a lot more can be achieved if there is a bank within the group,” iFast noted in the regulatory filing.
Despite the long-term promises, iFast is expecting initial losses in 2022 and 2023 as BFC Bank posted a net loss of £2.2 million in the first nine months of 2021.
Singapore-based iFast Corporation, a wealth management company, is looking to acquire an 85 percent stake in the United Kingdom-licensed BFC Bank for £40 million, a regulatory filing on Friday revealed.
iFast has already entered into an agreement with partner Eagles Peak to acquire the stakes in the platform from its Bahrain parent BFC Group. Eagles Peak was incorporated in 2020 for the sole purpose of acquiring the BFC Bank. If the deal goes through, iFast will hold an 85 percent stake in Eagles Peak, while the remaining 15 percent will be held by MMSS Investments, the current sole owner.
Out of the total proceeds, £22.6 million will be used to fund the acquisition
Acquisition
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term, while another £15 million will be injected as capital into the bank. The remaining £2.4 million of the proceeds will be utilized to offset the transaction costs.
The proposed acquisition deal now requires approval from the Prudential Regulation Authority and the Financial Conduct Authority in the UK, along with the shareholders of the companies.
Long Term Plans
BFC is a fully licensed bank in the United Kingdom and is operating under the Financial Services Compensation Scheme. Its acquisition will help the Singaporean fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl
Read this Term to expand its reach in the lucrative British market.
The deal was inked as a part of iFast’s extended 5-year plan for global expansion. It is expected to help the company acquire more banking customers at a faster pace.
“While the group has made substantial progress as a wealth management platform without some of the key advantages that the banks have, a lot more can be achieved if there is a bank within the group,” iFast noted in the regulatory filing.
Despite the long-term promises, iFast is expecting initial losses in 2022 and 2023 as BFC Bank posted a net loss of £2.2 million in the first nine months of 2021.