Cornmarket Group Financial Services has bought the remaining 75% shareholding in Educational Institute of Scotland (EIS) Financial Services for an undisclosed sum.
Cornmarket acquired an initial 25% stake in the company in 2016.
EIS Financial Services was set up in 1990 by the largest teacher trade union in Scotland (EIS) to give its 55,000 teacher and lecturer members access to qualified financial advisors and provide impartial financial advice on investments, pensions, retirement planning and insurance.
The EIS union now represents over 80% of all Scottish teachers in primary, secondary and third-level education.
The deal represents a significant move for Cornmarket, allowing for further expansion in the UK by providing financial services and insurance products to Scottish teachers and their families. It also complements its offering in Ireland, where Cornmarket is the main provider of financial services to public sector employees.
The deal has been approved by the Financial Conduct Authority in the UK.
Cornmarket's Managing Director Patrick Ryan said the acquistion is an important strategic move for the company as it expands its footprint in the UK.
"The deal will mean that we now directly employ over 100 financial advisors across Ireland and the UK who are focussed on delivering best in class financial advice and solutions to public sector employees and their families," Mr Ryan said.
He also said that demand for Cornmarket's services has remained strong throughout the coronavirus pandemic as its customers look for a trusted advisor to assist them in navigating these uncertain times.
