iFast’s UK bank becomes wholly owned subsidiary with GBP4 mil share purchase
iFast first took an 85% stake in the UK digital bank in early 2022.
iFast Corporation has successfully acquired 300,000 ordinary shares, or a 6.93% stake, in Eagles Peak Holdings Limited (EPHL), the immediate holding company of iFast Global Bank. The UK bank has become a wholly owned subsidiary of iFast as of Sept 12 following the GBP4 million ($6.83 million) share acquisition in cash.
iFast first took an 85% stake in the UK digital bank in early 2022. With the latest share purchase, iFast’s equity interest in the UK bank, via EPHL, has increased from 93.07% to 100.00%. The group plans to rename EPHL as iFast UK Holdings Limited.
The acquisition was funded by internal resources, and the consideration was arrived at on a willing-buyer willing-seller basis after arm’s length negotiations. The net asset value represented by the acquired shares was approximately GBP5.00 million.
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