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Moran to step down as IFG chairman
By Geoff Percival
Joe Moran is to step down as chairman of financial services group IFG later this year, having held the role since the formation of the business in 1989.
Addressing the company’s AGM in Dublin yesterday, Mr Moran said it would be his final appearance at the annual shareholders’ meeting in the guise as chairman. IFG’s management will be beginning its search for a new chairman in the coming months.Shareholders were also given an upbeat forecast, with management saying it remains confident on its performance outlook for the remainder of the year and beyond.
“The group is performing well, is strategically focused, financially sound and continuing to make progress,” said Mr Moran.
They were also told that the conclusion of the agreed deal, regarding the disposal of IFG’s international corporate trustee services division (to London-based specialist private equity house, AnaCap Financial Partners for £70m (€84m) should be completed next month.
Although IFG’s shareholders voted in favour of the deal, at an extraordinary general meeting earlier this month — with a 99.9% approval rate — it still needs regulatory approval, which is expected to be forthcoming in July.
“The result of the vote,” according to IFG, “confirms the compelling strategic logic for this transaction, as it provides financial flexibility and a clearly focused advisory and administration business in the UK and Ireland.”