iFAST has bought a UK digital bank!
On 6 January 2022, the Group signed an agreement with its partner, Eagles Peak Holding Limited (“EPHL”), to acquire BFC Bank Limited (“BFC Bank” or ”UK bank”) from BFC Group Holdings (“BFC Group”, based in Bahrain). The Group will have an 85% stake in BFC Bank. BFC Bank has the requisite banking licence in the UK.
The Proposed Acquisition in the UK bank will allow the Group to acquire a banking licence in the UK, a reputable jurisdiction and a global financial centre.
The Group sees synergy in adding the bank’s capabilities into its existing digital wealth management platform, strengthening its vision to become a truly global wealth management business and opening up other opportunities in the future.
The acquisition after some technology upgrades, will allow the Group’s clients in its current eco-system across the various Asian markets to have access to online