IFG pays €10m for bank’s trust subsidiary

FINANCIAL services firm IFG Group has paid out €10 million for a subsidiary of the Bank of Scotland.

IFG yesterday announced that it had bought Bank of Scotland Trust Company (International) Limited, which is based in Jersey.

IFG said BofS Trust provides trust and company administration services, primarily for British and European clients, and has some 269 companies, trusts and other entities under administration. It said these clients have assets of close to €500m.