Swedish lender Handelsbanken has completed the acquisition of Heartwood, a UK wealth and investment management organization, which will offer the acquirer with an important platform for additional growth in the savings area.
Commenting on the acquisition, Handelsbanken UK head Anders Bouvin said that the takeover will boost services offering to current and future customers, especially for customers with high requirements for qualified asset management.
Originally inked on 6 February 2013, the acquirer completed the transaction following the approval of British financial supervisory authority (Financial Conduct Authority).
Financial terms of the transaction have not been disclosed, although, it is expected that the acquired entity will operate as a wholly-owned subsidiary of the bank.
As per the terms of the agreement, the acquirer absorbed all shares in Heartwood, including its wholly owned subsidiary Heartwood Wealth Management.
Executing discretionary investment management, as well as financial advice on pensions and retirement planning, the British wealth management firm trades in London and Tunbridge Wells.
The company has a workforce of approximately 90 staff as well as £1.6bn in assets under management.
The lender currently manages 147 branches in the UK and opens a new one every eighth business day, claims the bank.
Founded in 1871, Handelsbanken started operations in Great Britain in 1982.