Dublin-based financial services group IFG announced yesterday that it has bought a Swiss firm for more than €6.5 million. The acquisition of Gestinor, a specialist financial services company with offices in Zurich and Zug, was made through the group's subsidiary, IFG Suisse.

Of the total maximum consideration of €6.56 million, €2.25 million was paid by IFG on completion of the sale. Payment of the outstanding balance will depend on Gestinor's turnover in 2007 and 2008.

In 2006, Gestinor reported a pre-tax profit of just under €700,000, on the back of turnover of €1.84 million. Net assets acquired by IFG were valued at €683,276. IFG Suisse will maintain its presence in Geneva, the group said yesterday.

Gestinor provides specialist financial services to private clients and has 250 companies, trusts and other entities under administration. This business will be integrated into IFG Suisse and will operate under IFG's international trustee and corporate services division.

"This acquisition continues the company's strategy of acquiring similar businesses across many jurisdictions . . ." the group said yesterday.