This was bought for a purchase price of £4.7 million and brings the total number of subsidiaries within the Skipton Group to 17.
SIB provides a money broking service to banks, building societies, local authorities, public sector and commercial firms in sterling, euro and other currency markets, as well as further financial services, including treasury consultancy and cash management.
The company operates from offices near London Bridge - one of only five London voice money brokers dealing in sterling money markets. Previously owned by 31 of its employees following a management-buy-out in 1994, it has 40 staff, including 27 dealers, and a client base of over 750.
John Goodfellow, chief executive of Skipton, said: “SIB is an excellent fit within the Skipton Group of companies and provides an opportunity to enhance the services we offer to others in the financial sector. Its strong market presence, allied with its diversification from purely broking currency, means the potential for growth within the company is excellent.”
While SIB will now report to the Skipton’s main board of directors, it will continue to be run as an independent company and will retain its brand.
Peter Shuttleworth, managing director of SIB, added: “Our plan to link with Skipton is the culmination of several years of strategic growth and planning and we now envisage an exciting future as part of this forward thinking group of companies.
“Our company enjoys a high profile in what is an increasingly technical market, where its participants require specialist knowledge. Having an equally high profile building society as our parent is a natural fit and with Skipton’s backing, we can grow the business further than we could currently.”
