Capita to acquire AIB International Financial S...
2 August 2011
Capita to acquire AIB International Financial Services
The Capita Group Plc (`Capita') has agreed to acquire the international
financial services business of AIB (`AIBIFS') for a cash consideration of £29
million, on a cash free, debt free basis.
Owned by the AIB Group, AIBIFS provides outsourced services, including
corporate administration, treasury management, securitisation and middle and
back office services to financial institutions and corporate clients. On
completion the business will integrate into Capita's investor and banking
services division, which employs approximately 2,000 people across the UK,
Ireland, Europe, the Channel Islands and India.
On a proforma basis, AIBIFS made an operating profit for the 12 months ended 31
December 2010, after adjusting for certain overheads, of £6.2 million on
turnover of £24 million.
Commenting on the acquisition, Paul Pindar, Chief Executive of the Capita Group
Plc, said: "The acquisition of AIBIFS is an excellent strategic fit for Capita.
It fully complements our existing business in terms of services, client base
and professional staff, while also providing Capita with the opportunity to
further develop its client proposition within the financial services industry.
The acquisition will strengthen our service offering to both clients and
business prospects alike. We look forward to welcoming all clients and staff to
Capita."
AIBIFS is headquartered in Dublin, where there are approximately 100 employees,
with an additional 60 members of staff across other locations in Switzerland,
Luxembourg and Hungary.
The deal is subject to approval by the appropriate regulatory authorities in
Ireland, Luxembourg and The Netherlands.
-ends-
For further information:
The Capita Group Plc
Tel: 020 7799 1525
Paul Pindar, Chief Executive
Shona Nichols, Corporate Communications Director
Capita press office
Caroline Mooney
Tel: 0207 654 2152/020 7654 2399 (out of hours)
Notes:
Conversion rate of EUR €1: GBP £0.88 applied.
The Capita Group Plc is the UK's leading provider of BPO and integrated
professional support service solutions. With around 45,000 people at more than
350 sites, including 64 business centres across the UK, Ireland, the Channel
Islands and India, the Group uses its expertise, infrastructure and scale
benefits to transform its clients' services, driving down costs and adding
value. Capita is quoted on the London Stock Exchange (CPI.L), and is a
constituent of the FTSE100 with revenues for 2010 of £2,744 million. Further
information on The Capita Group Plc can be found at: http://www.capita.co.uk
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