STM Group Plc, a UK-based financial services provider, has acquired Luxembourg-based rival Citadel Group, for up to €1.88 million (£1.6 million).
STM Group Plc, a UK-based financial services provider, has acquired Luxembourg-based rival Citadel Group, for up to €1.88 million (£1.6 million).
Citadel was established in 1992 and provides corporate and trustee services to a predominantly North European and South African client base. Citadel reported revenues of €1.13 million in 2008, and pre-tax profits of €400,000.
Tim Revill, CEO of STM Group Plc, said: “Citadel provides an excellent complementary fit by bringing with it an established portfolio of clients, strong and innovative management and a good pipeline of new work.”
Revill added: “The wider group will also benefit from access to distribution channels into new jurisdictions, all of which should be easily integrated and exploited within our existing operations with little or no duplication.”
STM Group reported an increase in revenue of 58 per cent to £9.2 million, with pre-tax profits up 63 per cent to £2.8 million.
