Handelsbanken acquisition of Heartwood creates growth for customer-led banking, wealth and investment management service in UK. The acquisition coincides with the bank’s annual results.
After the completion of the transaction, the acquired enterprise will trade as a wholly-owned subsidiary of the bank, which is subject to approval of FSA.
Handelsbanken identified Heartwood’s similar focus on long-term client relationships and high service as motives for the purchase.
The acquisition has been backed by a majority of Heartwood shareholders, and formal approval will now be sought from remaining shareholders.
Commenting on the acquisition, Heartwood chief executive Simon Lough, who will continue in his role, said: "The Heartwood team has worked hard to build our business on the recommendation of clients we have served well, so partnership with Handelsbanken, which has grown on a very similar basis, is a very natural progression for our firm. It will enable us to make our services available to many new clients in more ways."
The financial terms of the acquisition is yet to be disclosed.
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