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Most Read Contributor in Netherlands, January 2019
Amsterdam - 7 February 2019 - Intertrust N.V.
("Intertrust" or the "Company") [ticker symbol
INTER], a leading global provider of expert administrative
services, and ABN AMRO today announce they have reached agreement
for Intertrust to acquire ABN AMRO's Escrow and Settlement
business. With the acquisition, Intertrust will become the number
one escrow provider in Europe.
Escrow is a commonly used solution to ensure that complex
financial transactions, for example in M&A and the Real Estate
sector, are completed to the full satisfaction of clients,
particularly in cross-border settings.
ABN AMRO's Escrow and Settlement business is the market
leader for escrow, settlement and paying agency services in the
Netherlands. It has a strong presence in the larger UK market and a
growing business in Germany. The highly experienced team will
transfer to Intertrust in its entirety and form the foundation for
further international expansion of escrow, settlement and paying
agency services under the ownership of Intertrust. The account bank
services remain with ABN AMRO who will continue to provide this
service to the business.
Stephanie Miller, CEO of Intertrust:
"In acquiring ABN AMRO's Escrow and Settlement business we
move forward with our M&A strategy to expand our current
offering in ancillary financial services. The two businesses have a
strong cultural fit, having historically been part of the same
organisation within MeesPierson. We still enjoy excellent personal
and professional relationships and we are looking forward to
growing and expanding our service offering in this area to clients
as one combined team."
Transferring ABN AMRO's Escrow & Settlement business to
Intertrust is in line with the bank's strategic focus on its
core banking activities. Intertrust's extensive range of
administrative services offers opportunities for the team to
diversify its product and geographical offering and creates
possibilities for further career development in Europe and
beyond.
While this acquisition expands Intertrust's service
offering, it does not have a material impact on the Company's
financial position or results and the terms of the transaction are
not disclosed. The transaction is subject to regulatory approvals
and is expected to complete in Q3 2019.
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