The deal, which is subject to approval by the Jersey Financial Services Commission and the Jersey Competition Regulatory Authority, follows Capita’s announcement earlier this week that it had acquired AIB international services, which has offices in Ireland and mainland Europe.
AIB Jersey Trust (AIBJT), which is owned by the AIB Group, 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.
According to an announcement made to the UK stock market this morning, AIBJT made an operating profit for the 12 months ended 31 December of 2010.
Paul Pindar, chief executive of the Capita Group, 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.”
