Close Brothers sells wealth management unit to Oaktree for £200m amid motor finance probe [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
NASDAQ:AMEX Investor Relations:
closebrothers.com/investor-relations
Company Research
Source: Yahoo! Finance
Management in a transaction valued at up to £200mn, as the lender seeks to strengthen its capital position ahead of the results of an investigation into motor finance deals. The sale of Close Brothers Asset Management (CBAM), which is expected to be finalised early next year, forms part of a broader £400m capital plan that the FTSE 250 bank initiated in March to prepare for the potential consequences of the review, which analysts estimate could cost the industry up to £16bn. FCA car finance sector probe Close Brothers, having the highest exposure to the car finance sector, suspended its dividend following the announcement of the investigation in January. The transaction, which includes £28m in contingent deferred preference shares, is anticipated to conclude early next year. The bank plans to retain approximately £172mn of the cash proceeds to "strengthen" its capital position and "improve its ability to navigate the current uncertain environment." UK regulators are investigat
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