Professional body the London Institute of Banking & Finance has been acquired by German educational technology provider IU Group for an undisclosed sum.

The London-based body is now a wholly owned UK subsidiary of the International University of Applied Sciences, the university arm of IU.

The acquisition was completed on 31 March but only announced today.

The LIBF provides a number of exams for financial advisers, including several in the Financial Planning and mortgage areas.

Financial Planning exams include the Diploma for Financial Advisers (DipFA), Level 6 Diploma in Financial Adviser (Adv DipFA), Level 6 Financial Planning in Retirement (FPIR) and the Diploma in Paraplanning (DipPP).

In the mortgage sector it also provides the popular Certificate in Mortgage Advice and Practice (CeMap).

The LIBF also offers advisers Statements of Professional Standing (SPS) and routes to Chartered status. Exams are offered in banking, asset finance and other financial areas.

LIBF says it plans to launch an expanded range of online degrees co-developed with its new owner.

The new online study programmes will be focused on data and computer science, artificial intelligence, and international business management.

LIBF said despite the takeover its mission would remain the same, but the trade body would also be looking to expand its services globally.

Alex Fraser, CEO of LIBF, said: “This partnership represents an important evolution for LIBF and will allow us to make significant advancements for the future – bringing advantages and new opportunities to our students, members and staff as we look to extend our services around the world. It’s a fantastic opportunity for LIBF to partner with one of Europe’s most successful and technology-enabled education businesses.”

The London Institute of Banking & Finance (LIBF) is the latest degree awarding body to join IU Group, Europe’s largest edtech company and owner of the private IU International University of Applied Sciences (IU). The purchase was made official on 31 March 2023 and takes effect immediately. Due to its strong heritage and long-standing history and tradition, LIBF’s mission will stay the same.

Dr Sven Schuett, CEO of IU Group, said: “We are excited to welcome LIBF to the IU family. As we continue to grow, we enter a new era with LIBF allowing us to continue building on our mission that everyone can access education to grow. Through LIBF’s expertise in the banking and finance world and IU as a leader in edtech we see great potential for creating synergies that afford students a top-rated and customisable education no matter where they live.”

“With the expansion of AI in the education sector, our students are able to stay ahead of the curve with flexible and innovative learning models in digital education.”

With more than 100,000 students, the IU International University of Applied Sciences is the largest university in Germany. The university offers over 200 bachelor's and master's programmes, which are offered in German or English.