20 October 2017
visit www.atos.net

Skandia makes £210 million bid for Lynx

19 December 2001  |  1736 views  |  0 user laptop

Skandia is in talks to acquire Lynx Group plc, and its subsidiary Bankhall - the UK's largest provider of support services to independent financial advisors (IFA).

Skandia has submitted a bid for £1.20 per share and values Lynx Group at £210 million. The acquisition would be followed by the agreed disposal (by a management buy out) of the Lynx Group IT businesses for £60 million.

Key Bankhall management will remain with the company and will own 14% of the shares.

Alan Wilson, head of Skandia's UK operations and executive vice president of Skandia comments: "This acquisition is entirely in line with Skandia's global strategy of expanding and deepening our co-operation with financial advisers. Growing numbers of consumers are in need of and want financial advice. The acquisition of Bankhall will help accelerate the development and delivery of new services for this expanding market."

IFAs account for 60% of the sales of long term savings products in the UK, adds Wilson.

Bankhall's turnover in 2001 totalled £63.2 million, with profits standing at £7.8 million. The firm provides services to more than 4500 IFAs working for some 2000 firms.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Norwich Union opens virtual learning centre for IFAs

Norwich Union opens virtual learning centre for IFAs

08 November 2001  |  2721 views  |  0 comments
Brief: Saga selects DBS for IFA business support

Brief: Saga selects DBS for IFA business support

23 October 2001  |  2618 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.innotribe.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
satelliteGates Foundation backs Ripple collaboratio...
8468 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8364 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7482 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6876 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6541 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job