British lender Close Brothers said on Friday it has agreed to sell market maker Winterflood Securities to financial services company Marex Group for approximately 103.9 million pounds ($140.20 million) in cash.
Close Brothers' total capital ratio rose by 80 basis points to 18% in the quarter to the end of April, as it bolstered its finances pending a ruling that may force the bank and others to pay out millions of pounds in redress to motor loan customers.
Shares in British lenders Close Brothers and Lloyds Banking group fell on Monday, with traders and analysts citing reports that the Treasury has been blocked from intervening into the Supreme Court review of the motor finance misselling case.
Close Brothers has set aside up to 165 million pounds ($205 million) to cover costs related to motor finance claims, the British lender said on Wednesday, the first time it has estimated the potential impact of a ruling on unlawful commissions.
British lender Close Brothers on Tuesday named Mike Morgan as its new Group CEO and said chief executive Adrian Sainsbury was leaving the company to focus on his health after a period of medical leave.
Shares in Lloyds and Close Brothers Group fell on Friday after London's Court of Appeal ruled that motor finance brokers owe duties to their customers.
In early 2024, Close Brothers' share price collapsed, and shortly after that, it suspended its dividend. I don't think I've made an obvious mistake by continuing to hold the shares today. The lesson I drew from Close Brothers was to not invest too heavily in any one industry.