Capita to acquire trust services of AIB in Jersey
4 August 2011
Capita to acquire trust services business of AIB in Jersey
The Capita Group Plc (`Capita'), announced today that it has agreed to acquire
AIBJerseytrust Limited ('AIBJT'), for a cash consideration of £12.5 million, on
a cash free, debt free basis. This announcement follows one made earlier this
week which announced the acquisition of AIB international financial services
(`AIBIFS'), which has offices in Ireland and mainland Europe.
Owned by the AIB Group, AIBJT is based in Jersey and provides trust services to
private and corporate clients. On completion the business will integrate into
Capita Fiduciary Group, which has its head office in Jersey, employing
approximately 160 members of staff there, with a further 150 across other
locations in London, Dublin, The Netherlands and Luxembourg.
On a proforma basis, AIBJT made an operating profit for the 12 months ended 31
December 2010, after adjusting for certain overheads, of approximately £2
million on turnover of £7.7 million.
Commenting on the acquisition, Paul Pindar, Chief Executive of the Capita Group
Plc, said: "The acquisition is a natural fit for Capita, in terms of our client
base, client services and professional staff. The deal also further
demonstrates Capita's commitment to, and investment in, Jersey and the
financial services industry. The increased capacity will help ensure our
continued growth in this sector and we expect the acquisition to bring clear
benefits to both new and existing customers. We look forward to welcoming the
team to Capita."
The deal is subject to approval by the Jersey Financial Services Commission and
the Jersey Competition Regulatory Authority.
-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 or 020 7654 2399 (out of hours)
Capita Fiduciary Group, provides an extensive range of sophisticated trustee,
corporate, fund and ancillary services to a wide range of institutional,
corporate and private clients worldwide, from locations in Jersey, London,
Dublin, The Netherlands and Luxembourg. Their professional and committed
employees possess diverse experience, backed by efficient business processes
and technology to provide a convenient and client focused service. Capita
Fiduciary Group is part of The Capita Group Plc. Further information on Capita
Fiduciary Group can be found at: http://www.capitafiduciary.com
The Capita Group Plc is the UK's leading provider of BPO and integrated
professional support service solutions. With 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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