Citi has signed an agreement to acquire Bisys Group for US$1.45bn in an all-cash transaction. Bisys’s shareholders will receive merger consideration of US$11.85 per share, and a special dividend of US$0.15 to be paid at the closing of the transaction by Bisys, for a total consideration of US$1.47bn. By acquiring and retaining the Investment Services Division of Bisys, which includes the Fund Services and Alternative Investment Services businesses, Citi will gain a high profile in hedge fund and mutual fund services. As part of the deal, Citi will sell the Retirement and Insurance Services Divisions of Bisys to affiliates of J.C. Flowers, making the net cost of the transaction to Citi approximately US$800m. The transaction is expected to close in the second half of this year and is subject to Bisys shareholder approval and to regulatory approvals in the US, Ireland and Bermuda. The transaction is expected to be neutral to earnings per share in the first year and accretive thereafter.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more