2018 eprivateclient Top Trust Company JTC has entered into a conditional agreement to acquire rival fiduciary services provider, Minerva.
Minerva, which, like JTC, is headquartered in Jersey and also featured as a 2018 eprivateclient Top Trust Company, provides global private client, corporate, fund and treasury services with a track record spanning more than 40 years.
The acquisition will add a new Dubai office to JTC’s global network and increase the company’s scale of services in five of its existing locations: Jersey, London, Geneva, Singapore and Mauritius.
In addition, it will extend JTC’s reach in the markets of sub-Saharan Africa, India and Asia and will grow JTC’s treasury services offering.
Nigel Le Quesne, chief executive of JTC, commented: “We are delighted to announce this important acquisition. Minerva has a long track record with particular strength in the private client sector and the markets of Africa, Asia and the Middle East. There is a clear fit with our existing operational footprint and client base and this will allow us to leverage our scalable global platform to enhance operating margins as well as to drive future growth."
Vipin Shah, chairman and founder of Minerva, added: "I am delighted with this deal, which is an important step in the development of Minerva, and we look forward to working closely with the highly experienced teams at JTC to further enhance our offering. The founders and the senior management team remain shareholders, having taken much of our consideration in shares, and are committed to continuing the work we have been doing for the last 40 years."
JTC expects the transaction to complete later this year, subject to regulatory approvals. The deal forms part of an ongoing growth strategy, as outlined at its listing on the main market of the London Stock Exchange (LSE) in March 2018.
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