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.
Find the full press release here.
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