Perpetual has responded to reports regarding “inbound interest” for its corporate trust business, Perpetual Corporate Trust (PCT).
On Wednesday (27 July), the company confirmed it has received two “unsolicited, non-binding, indicative offers”. However, it added that the offer are “highly conditional” and subject to due diligence and regulatory approvals.
“PCT is a high-quality business that consistently delivers strong, non-market linked revenue growth for Perpetual. In that context, Perpetual receives from time to time, unsolicited, non-binding, indicative proposals for PCT,” a statement issued on Wednesday read.
“Perpetual is not currently pursuing divestment of, nor is it engaged in a process with any party regarding the potential sale of any of its businesses. The unique combination of businesses within Perpetual provides earnings stability and optionality to invest through cycles, which creates significant value for our shareholders.”
Earlier this week, Perpetual reported that the the total funds under administration of PCT lifted 3 per cent in the fourth quarter to $1.09 trillion.
“PCT’s continued growth demonstrates the critical role it performs as a fiduciary, providing important infrastructure to support the Australian banking and financial services markets,” the firm said.
