The Business Times
business-time-50

BT Explains: What is BFC Bank and why is iFast buying it?

Tan Nai Lun

Tan Nai Lun

Published Fri, Jan 7, 2022 · 09:02 AM

    WEALTH management platform iFast Corporation on Friday (Jan 7) said it was looking to acquire an 85 per cent stake in BFC Bank.

    The total investment amount of £40 million (S$73.4 million) comprises £22.6 million to fund the acquisition, £15 million as a capital injection into BFC Bank and £2.4 million to offset transaction costs.

    The acquisition comes as iFast looks to build a global business model as part of its 5-year plan.

    iFastM&AUnited KingdomDigital banking

    TRENDING NOW

    From shy teenager to outspoken philanthropist, Chloe Tong has come a long way.

    Grab CEO’s wife Chloe Tong on life with Anthony Tan and finding her purpose

    US Trade Representative Jamieson Greer said he did not want to prejudge the outcome of a pending Section 301 investigation into China’s trade practices.

    US trade chief to consider trade deal tariff caps in excess capacity probe

    This was the first time that Bee Cheng Hiang, a home-grown traditional food products company known for its bak kwa, used an AI tool for its business operations.

    Bee Cheng Hiang customers’ e-mail addresses exposed in Singapore’s first case of AI-related data breach

    The Starbucks-licensed business that DFI will take over reported revenue of US$750 million in 2025, with an underlying operating margin of 7%.

    DFI Retail to take over Starbucks business in Asia from Maxim’s Caterers

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More