Swedish lender Handelsbanken has acquired a UK wealth and investment manager Heartwood, providing itself with an important platform for additional growth in the savings area.
Handelsbanken UK head Anders Bouvin said the takeover will enhance services offering to current and future customers, especially customers with high requirements for qualified asset management.
Following completion of the transaction, the acquired enterprise will trade as a wholly-owned subsidiary of the bank.
Financial terms of the transaction have not been disclosed, although, it is expected that the deal will complete after formal approval of the UK financial regulator as well as Heartwood’s shareholders.
Supervising approximately SEK15bn ($2.63bn) of assets, Heartwood operates in London and Tunbridge Wells, and provides discretionary investment management, as well as financial advice on pensions and retirement planning.
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 commenced operations in Great Britain in 1982.