The Synergy of Vidanova and SFT Bank The recently announced acquisition of SFT Bank by Vidanova has actually been in the works for over a year. On January 1, 2016, Vidanova became a 67% shareholder in SFT Bank in an effort to align the two companies, and exactly one year later, they sealed the deal with the purchase of a further 14% of shares. TEXT BY HELEN GRIFFITH
The primary intention of this recent acquisition is to combine the portfolios of the two companies in order to create a more cohesive banking and pension fund offering. Vidanova has traditionally been a pension fund organization that was started in 1968
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CURAÇAO BUSINESS
to execute pension services and arrangements to companies in the utility sector. They later expanded their clientele to other companies in the private sector so as to maintain its profitability. Since then, they have continued to expand with the introduc-
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tion of Pension Management services that provide pension administration services to companies with pre-existing pension funds. Vidanova has more recently implemented their Integrated Financial Services Concept. One of the pivotal aspects of this concept involves the acquisition of SFT Bank, in order to offer banking services to their pension clients. At the same time SFT has been gearing their focus towards local banking, and in particular mortgages. Initially, part of CITCO Banking Cooperation, a worldwide offshore banking company, in 1985 a local division called CITCO Bank Antilles was created
