Equiniti Group Plc - Completion of US seperation from Wells Fargo
EQUINITI GROUP PLC - COMPLETION OF US SEPARATION FROM WELLS FARGO
Equiniti Group plc ("Equiniti" or the "Group"), an international technology-led services and payments specialist, is delighted to announce completion of the technical separation of its EQ US division from Wells Fargo.
The acquisition of Wells Fargo's share registration business positions Equiniti for growth in the world's deepest capital market, enhancing the opportunities for cross-selling to new and existing clients and providing an opportunity to gain a greater share of the share registration and employee plans market in the United States. This technical separation allows the realisation of operating synergies which are being delivered in line with expectations, and provides the foundation to scale operations to support growth.
All business functions are now administered on Equiniti's infrastructure and systems in Minneapolis, Milwaukee, Chicago and New York, and EQ US's clients and customers will benefit from the latest web and mobile-optimised portals for both issuers and shareowners.
Guy Wakeley, Chief Executive of Equiniti, commented:
"Completing the separation is an exciting milestone for Equiniti's business in the world's deepest capital market. It provides an opportunity to transform our US operations into a market-leading, technology-enabled business with a broad range of transfer agency and supporting services.
"Equiniti's growth is underpinned by strong client retention and blue-chip new client wins. This internationalisation of the business positions Equiniti well for future growth with the opportunity to share expertise and cross-sell services to existing and prospective clients on both sides of the Atlantic."
Todd May, Chief Executive Officer of EQ US, commented:
"I am proud of what EQ US has achieved so far and the separation will bring further benefits to our clients and their shareholders as we adopt Equiniti's sophisticated technology and industry-leading servicing capabilities. This includes our new innovative shareholder platform, EQ Insight, which we recently released. Our clients are already seeing benefits and we will continue to enhance this platform and many more.
"With this strong foundation now in place, the backing of the Equiniti Group and its broad range of new products for us to offer clients, we are excited about the opportunities to come as we support our clients in their efforts in achieving corporate objectives."