iFAST Corporation Ltd. (SGX:AIY) and Mandeep Ahluwalia signed an agreement to acquire BFC Bank Limited from BFC Group Holdings W.L.L. for £22.6 million on January 6, 2022. iFAST Corporation Ltd. plans to finance the Proposed Investment using a combination of internal funds, bank borrowings and/or fund raising in the capital markets. As of September 30, 2021, BFC Bank Limited has reported net assets of £17.8 million.

The transaction is subject to obtaining approvals from Prudential Regulation Authority of the United Kingdom (“PRA”) and Financial Conduct Authority of the United Kingdom and either iFAST Corp shareholders' approval or a waiver of shareholders' approval granted by SGX. As of March 14, 2022, iFAST Corporation Ltd. (SGX:AIY) held an EGM of its shareholders which passed the resolution for the approval of the acquisition. Keefe, Bruyette & Woods, Inc. acted as financial advisor to BFC Group Holdings W.L.L.