IFG sells Irish operations as revenues climb to €43m

Financial services group IFG has announced the sale of its Irish operations, but intends to keep its primary share listing in Dublin and remain headquartered in Booterstown.

The group — which yesterday reported an 8% year-on-year growth in first half revenues, to £34.1m (€43m) — has agreed to sell its main pension administration and advisory business, IFG Ireland, to the Irish arm of global insurance group, Willis Group, for a maximum consideration of €13.5m, which includes an initial payment of €11.5m.

Separately, IFG is in “advanced discussions” regarding the disposal of its smaller general insurance businesses here, ARB and Insure4Less.