IFG Group buys Bank of Scotland Trust for £6. m

Friday 30th December 2005, 12:00AM GMT.

BANK of Scotland International, part of the HBOS Group, has sold its trust arm to Dublin-headquartered IFG Group plc for £6.

million.

All twelve staff at Bank of Scotland Trust Jersey will be re-employed by IFG Trust Jersey, which has offices in Union Street, bringing the total number of staff to 29.

Bank of Scotland says the decision to sell follows a strategic review at the end of last year looking at core and non-core business.

‘While the trust company is a strong and well-managed operation, Bank of Scotland International felt that it required further investment for it to reach its full potential,’ said a spokesman.

The bank added that it remained ‘committed to providing an offshore offering from its Jersey base’.

The future of the Isle of Man Trust operation is still under negotiation.

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