STM completes on purchase of London & Colonial

Added 21st October 2016

STM Group, the cross border financial services provider, has completed its acquisition London & Colonial Holdings.

STM completes on purchase of London & Colonial

London & Colonial will continue to operate under its own brand name but will be fully integrated into the enlarged Group, STM said in a statement on 21 October.

STM Group has entered into a conditional agreement to acquire the UK Sipp provide and its subsidiaries in September for nearly £5.4m ($7.2m, €6.4m).

Completion was subject to delivery of 100% of the voting share capital and regulatory approval from the Gibraltar Financial Services Commission.

Approval was already place from the UK’s Financial Conduct Authority.

The statement highlighted that STM had achieved its strategic objective of entering the UK Sipp market which it believes will be scalable and able to accommodate returning UK expatriates with a SIPP offering as well as organically growing the business in UK.

Alan Kentish, chief executive of STM, said the acquisition of London & Colonial had been completed ahead of the expected timeline. 

“We believe this is a clear case of the aggregate of the two businesses being worth significantly more than the sum of the parts, and I look forward to updating the market on our progress in the near future”, he said.

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Mark Battersby

Editor, International Adviser

International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.

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