(Alliance News) - JTC PLC on Tuesday said it completed the purchase of employee benefits platform RBC Cees Ltd.
The acquisition from Royal Bank of Canada, announced December 10, has received regulatory approval, JTC said. It expands JTC's Institutional Client Services unit in the UK and Channel Islands and significantly enhances its employee benefits offering, the Jersey-based company said.
JTC, a provider of fund management services, paid GBP20 million in cash for the business. RBC Cees made revenue of GBP23.5 million and a consolidated pretax loss of GBP1.2 million in the year ended October 2019, according to the December 10 announcement.
"We expect enhanced financial performance over the medium-term once fully integrated onto the JTC platform, as well as good organic growth opportunities over the medium and long-term, and cross-sell opportunities with our Private Client Services division," JTC Chief Executive Nigel Le Quesne said.
JTC shares were up 0.5% at 624.00 pence each in London on Tuesday morning.
By Ivan Edwards; ivanedwards@alliancenews.com
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