iFast signs agreement to acquire 85% of UK digital bank for $45.9 mil

Jovi Ho
Jovi Ho1/7/2022 09:17 AM GMT+08  • 3 min read
iFast signs agreement to acquire 85% of UK digital bank for $45.9 mil
BFC Bank reported a net loss of £2.2 million for 9M2021. The proposed acquisition will add a digital bank to iFAST's ecosystem.
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iFast Corporation has signed an agreement with its partner, Eagles Peak Holding Limited, to acquire UK’s BFC Bank Limited from Bahrain-based BFC Group for some $45.9 million, with an additional injection amount of $27.5 million.

The Group will have an 85% stake in the UK bank.

BFC Bank is a fully licensed UK bank operating under the Financial Services Compensation Scheme, and is authorised by the Prudential Regulation Authority of the United Kingdom (PRA) and Financial Conduct Authority of the United Kingdom (FCA), says iFast in a Jan 7 press release.

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