Equity Trust acquires Ernst & Young’s domiciliation business and related corporate secretarial services in Luxembourg.
Equity Trust and Ernst & Young have entered into a sale and purchase agreement whereby Equity Trust acquires Ernst & Young’s domiciliation business and related corporate secretarial services in Luxembourg. The transaction will be effective from is 31 October 2006.
“This transaction is driven primarily by Ernst & Young’s realignment to core services, i.e. Audit, Risk advisory and Tax services,” says Raymond Schadeck, the CEO of Ernst & Young Luxembourg. “In choosing Equity Trust as the buyer, Ernst & Young has secured a specialist trust, fiduciary and corporate administrator and a major player in the Luxembourg and international markets.”
“Equity Trust’s reputation and solid performance has been built on the delivery of high quality services to its private, corporate, institutional and intermediary clients,” adds Hugo van Vredenburch, the CEO of Equity Trust. “This acquisition continues our strategy of acquiring quality businesses, having bought ABN AMRO and Standard Chartered Banks’ trust businesses in the preceding two years. We will continue to identify strategic acquisitions and partnerships that enhance our global service offering.”