WOODLAND HILLS, Calif. --AFEX, a non-bank provider of global payment and risk management solutions, has announced that subject to regulatory approvals, it will acquire the business of Jameson Bank, headquartered in Toronto, Canada. This strategic acquisition, expected to close in the second quarter of 2014, will result in the addition of three new offices for AFEX in Canada, in Toronto, Ottawa and Montreal, joining an extensive network of global offices in the United States, United Kingdom, Europe, Middle East, Asia and Australia.
Canada is a key strategic market for AFEX with a strong and internationally engaged economy. The acquisition of Jameson Bank will allow AFEX to serve small to medium sized businesses seeking to proactively manage their international payment and foreign exchange requirements, with the attention normally reserved for large multinational corporations.
Christian Spaltenstein, General Manager of the Americas for AFEX, will oversee the new offices.
“The acquisition strengthens our presence in the Americas while providing an entry into robust industries located throughout Canada, such as energy, mining, agriculture and manufacturing,” said Spaltenstein. “Canada is a key market for us, and with offices in Toronto, Montreal and Ottawa, we look forward to assisting clients with their global payment, treasury and risk management needs.”
Jameson Bank was established in 1989, providing integrated foreign exchange and payment solutions to nearly 4,000 businesses in Canada and the US.
“We’re excited about joining AFEX, as their international presence and solid operating processes will significantly enhance the “high-touch” experience our clients are accustomed to,” said Rob Wittmann, President & CEO of Jameson Bank. “Clients will continue to receive the highest level of service, and will now have access to an extended network of international payment and risk management solutions.”
GMP Securities LP and Torys LLP acted as financial advisors and counsel for the deal, respectively.