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