BAI Acquires Bankers Training & Consulting Company From PRIMEDIA,
Inc.
CHICAGO, March 31 /PRNewswire/ -- BAI, a leading professional services
organization in the financial services industry, announced today that it has
purchased Bankers Training & Consulting Company, the financial services
division of PRIMEDIA Inc.'s (NYSE:PRM) Workplace Learning Division. The
transaction closed March 31. This transaction follows on PRIMEDIA's
announcement in September 2004 that it was exploring strategic options for its
Workplace Learning Division.
Thomas P. Johnson, Jr., BAI's president and CEO, said that the acquisition will
significantly broaden BAI's training capabilities and enhance its delivery of
professional development products and services to financial services companies.
"Adding Bankers Training's extensive offerings now enables BAI to present our
customers with the broadest array of training courses, learning technology and
delivery methods in the industry," Johnson said.
"The growth that this acquisition will deliver will contribute to achievement
of BAI's key business goals," John D. Lewis, chairman of BAI's Board of
Directors and vice chairman of Comerica Incorporated, said. "This acquisition
supports BAI's strategic drivers and will considerably diversify BAI's revenue
stream and customer base," Lewis added.
Johnson said that Bankers Training is a clear market leader in financial
services training serving banks and credit unions. He added that the 33-
person Bankers Training staff, including president Jean Dunaway, will remain in
place in St. Louis after the acquisition is completed. In her new role,
Dunaway will lead BAI's training business and will focus on ensuring continuity
of service quality to existing Bankers Training and BAI customers.
"Strong customer focus and a commitment to building relationships are two of
the qualities that have been hallmarks of the Bankers Training philosophy,"
Dunaway said. "We believe that combining our success in training with BAI's
reputation for high quality research, information and events uniquely positions
BAI as a leading resource to financial services companies." "The strong Bankers Training team in St. Louis, with its focus on producing
relevant training solutions for financial services professionals, will
certainly complement the wider product development efforts of BAI's
Chicago-based staff," Johnson said.
John G. Eilering, president and CEO of Mount Prospect (Illinois) National Bank,
said that his bank is a customer of both BAI and Bankers Training, and that the
combination of the two organizations will result in good things for the
financial services marketplace. "The most successful acquisitions that I've
been involved in have added significant value for the customers of both
organizations," Eilering said. "Blending the extensive capabilities and
expertise of BAI and Bankers Training will clearly add value on a number of
levels for their bank and credit union clients." "With the addition of the Bankers Training staff and customers, BAI is strongly
positioned to meet the challenges of the financial services professional
development market with comprehensive training, learning technology and
employee research and assessment capabilities," Johnson added.
About BAI BAI, founded in 1924, is the financial services industry's leading professional
organization focused on enhancing organizational and individual performance.
Through events, strategic research, benchmarking, employee research, publishing
and training, BAI reaches thousands of financial services professionals each
year to deliver content designed to address critical business needs and to
facilitate connections among financial services professionals, industry experts
and solutions providers. Visit http://www.bai.org/ for more information.
About Bankers Training & Consulting Company Bankers Training is a leading provider of technology-based learning solutions
that create value for its customers and alliance partners. Founded in 1984,
Bankers Training offers online and video-based training solutions for the
financial services market and provides a comprehensive library of courses
including compliance, lending, security, fraud and branch training. For more
information, visit http://www.bankerstraining.com/ . DATASOURCE: BAI CONTACT: Peter Soraparu of BAI, +1-312-493-3260 Web site: http://www.bankerstraining.com/ http://www.bai.org/
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