Catalyst leads SFA disposal
Catalyst Corporate Finance, based in Birmingham, has acted as lead adviser on the sale of Scottish Friendly Insurance Services.
Citibank Global Transaction Services bought the business, which is the wrap administration business of Scottish Friendly Assurance (SFA), for an undisclosed sum.
SFA established its wrap administration business in 2006 and from offices in Glasgow it now serves companies including Aviva and Nucleus Financial Group.
Changes in legislation following the retail distribution review will result in a major increase in the use of wrap platforms, said Catalyst.
"Citibank is a strong strategic buyer for SFA’s wrap administration business", said Catalyst partner, Mark Humphries.
"To establish their own wrap platform would have been extremely costly and a big operational, technical and legal risk. Citibank was keen to acquire a leading wrap administration platform that had been successfully proven over the last five years. With Citibank's support and backing the business will go from strength to strength."
Citibank is a financial services company which operates in 160 countries with about 200 million customers.
Following completion of the deal SFIS will be integrated into Citibank's wealth management platform Open Wealth.
