Today, 1 November 2019, we announce that we've completed the acquisition of ABN AMRO's Escrow & Settlement business. The acquisition was announced on 7 February 2019.
Through the acquisition, we're now the number one provider of escrow, settlement and paying agency services in Europe, with a market leading position in the Netherlands, a strong commercial presence in the UK market, and a growing business in Germany. The team transferred to Intertrust in its entirety and will lead further expansion of escrow services across our global network.
We've now obtained a license from the Dutch Central Bank to operate as Payment Service Provider. Being the only company in our sector with the license, we can provide escrow and settlement services to our clients, following the introduction of the European Payment Service Directive 2 ("PSD2") into Dutch law.
Evert Wind, our Global Head of Corporate Services, said: "We are delighted to welcome the experienced and professional team to Intertrust. The Escrow and Settlement business is an excellent addition to our Corporate Services offering, and our clients will be able to benefit from our combined strengths in their complex financial transactions, such as cross-border M&A and Real Estate transactions. Our strong cultural fit and shared focus on providing excellent client service will enable us to successfully grow and expand our offering."
Following closing of the deal, ABN AMRO's Escrow & Settlement business will be integrated and rebranded into Intertrust.
For more information on our Escrow offering and what we can do for you, please click here.