Intertrust to acquire ABN AMRO's Escrow and Settlement business
07 Février 2019 - 07:17AM
Amsterdam - 7 February 2019 -
Intertrust N.V. ("Intertrust" or the "Company") [ticker symbol
INTER], a leading global provider of expert administrative
services, and ABN AMRO today announce they have reached agreement
for Intertrust to acquire ABN AMRO's Escrow and Settlement
business. With the acquisition, Intertrust will become the number
one escrow provider in Europe.
Escrow is a commonly used solution to ensure that
complex financial transactions, for example in M&A and the Real
Estate sector, are completed to the full satisfaction of clients,
particularly in cross-border settings.
ABN AMRO's Escrow and Settlement business is the
market leader for escrow, settlement and paying agency services in
the Netherlands. It has a strong presence in the larger UK market
and a growing business in Germany. The highly experienced team will
transfer to Intertrust in its entirety and form the foundation for
further international expansion of escrow, settlement and paying
agency services under the ownership of Intertrust. The account bank
services remain with ABN AMRO who will continue to provide this
service to the business.
Stephanie Miller, CEO of Intertrust:
"In acquiring ABN AMRO's Escrow and Settlement business we move
forward with our M&A strategy to expand our current offering in
ancillary financial services. The two businesses have a strong
cultural fit, having historically been part of the same
organisation within MeesPierson. We still enjoy excellent personal
and professional relationships and we are looking forward to
growing and expanding our service offering in this area to clients
as one combined team."
Transferring ABN AMRO's Escrow & Settlement business to
Intertrust is in line with the bank's strategic focus on its core
banking activities. Intertrust's extensive range of administrative
services offers opportunities for the team to diversify its product
and geographical offering and creates possibilities for further
career development in Europe and beyond.
While this acquisition expands Intertrust's
service offering, it does not have a material impact on the
Company's financial position or results and the terms of the
transaction are not disclosed. The transaction is subject to
regulatory approvals and is expected to complete in Q3 2019.
For further information
Intertrust N.V.
Marieke Palstra
Director of Investor Relations / Corporate Communications
Tel: +31 20 577 1157
marieke.palstra@intertrustgroup.com
|
ABN
AMRO
Brigitte Seegers
Senior International Press Officer
Tel +31 630859888
brigitte.seegers@nl.abnamro.com |
About Intertrust
Intertrust is a global leader in providing expert administrative
services to clients operating and investing in the international
business environment. The Company has more than 2,500 employees
across 39 offices and 28 jurisdictions in Europe, the Americas,
Asia and the Middle-East. Intertrust has leading market positions
in selected key financial markets, including the Netherlands,
Luxembourg, Jersey and the Americas. Intertrust delivers
high-quality, tailored corporate, fund, capital market and private
wealth services to its clients, with a view to building long-term
relationships. The Company works with global law firms and
accountancy firms, multinational corporations, financial
institutions, fund managers, high net worth individuals and family
offices.
For more information on Intertrust visit
www.intertrustgroup.com
About ABN AMRO
ABN AMRO is a Dutch bank for retail, corporate and private banking
clients. We are a relationship-driven, knowledgeable and digitally
savvy bank, active in Northwest Europe and with expertise in
selected sectors globally. Our purpose is Banking for better, for
generations to come. Headquartered in Amsterdam, ABN AMRO employs
around 19,000 people worldwide.
Please visit us at www.abnamro.com
To read the press release, please open the
attached file or download here.
Intertrust_to_acquire_ABN_AMRO_s_Escrow_and_Settlement_business
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Intertrust Group via Globenewswire