iFAST Corporation - Adding Digital Bank To Fintech Ecosystem
- iFAST (SGX:AIY) proposed to acquire an 85% stake in a UK bank, BFC Bank Limited, from Bahrain-based BFC Group Holdings. See iFAST's announcements.
- iFAST plans to finance the proposed deal using a combination of internal funds, bank borrowings and/or fund raising in the capital markets.
- Having a digital bank located in a trusted jurisdiction is a key missing link in iFAST’s current Fintech ecosystem, which can further accelerate the growth of its overall wealth management platform.
- Though some initial start-up losses are expected in 2022 and 2023 from this proposed UK bank acquisition, we maintain our positive view on iFAST on the back of the strong growth momentum ahead, propelled by the Hong Kong business from 2024 onwards.
- Maintain BUY with a lower target price of S$11.37.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Lee Keng LING DBS Group Research | https://www.dbs.com/insightsdirect/ 2022-01-10 2022-01-10
Previous report by DBS Research:
2021-07-26 iFAST Corporation - Shining Star Backed By Exceptional Growth
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