Fortis announces today that it has reached an agreement in principle to acquire Intertrust Group, an international trust and corporate management organisation. The acquisition will be effected through a cash transaction, subject to customary closing conditions. The transaction is expected to be finalized in the second quarter of 2002.
Intertrust Group is one of the leaders in its field, rendering a comprehensive range of services (such as company formation and management, administration, accounting, trust, cash management and treasury services) to a diverse client base consisting of high net worth individuals, owner or family managed businesses, professional intermediaries and multinational corporations. Services are provided out of 12 offices worldwide. The number of full-time employees averages 350.
Intertrust Groupâ€™s client base, turnover and profit have seen consistent growth over the years.
Intertrust Groupâ€™s activities will be merged with the trust activities of MeesPierson, the Private Banking business line of Fortis. The activities of Intertrust and MeesPierson are complementary with regard to location and client portfolio.