Isle of Man-based First Names Group has completed the acquisition of The Basel Group following an exchange of contracts and regulatory approval in Jersey and the British Virgin Islands.
The deal significantly expands First Names Group’s presence and service offering in Jersey and Switzerland.
Basel will rebrand by the end of 2013, with over 400 employees operating out of seven strategic locations and the Jersey office will relocate to new premises.
Commenting on the acquisition, First Names Group CEO, Morgan Jubb, said: "First Names Group has ambitious plans for growth. We are united behind our brand and culture and we will continue to develop and nurture it whilst evolving the business into a truly global operation".
Basel CEO, Julie Coward, said: "We did not enter into this agreement lightly; great consideration was given to ensure it was the right fit culturally and that our clients would continue to receive the high level of service they are accustomed to. First Names Group matched all the criteria and we are confident the transition will provide even greater opportunities for our staff and our clients. "