Close Brothers Group PLC Disposal of retail point of sale finance business (7527A)
14 September 2018 - 4:00PM
UK Regulatory
TIDMCBG
RNS Number : 7527A
Close Brothers Group PLC
14 September 2018
Disposal of retail point of sale finance
business
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Close Brothers Group plc ("the group" or "Close Brothers") today
announces the sale of Close Brothers Retail Finance, which provides
unsecured finance to consumers through retailers, to Swedish
payment solutions group Klarna Bank AB. The sale is expected to
complete in the current calendar year, subject to regulatory
approval and other customary conditions.
The sale reflects the group's decision to exit the unsecured
retail point of sale finance market after gradually and
incrementally developing this business and assessing the market
opportunity over the last several years. The group has concluded
that the business does not provide a long-term fit with our
predominantly secured business model.
The Business had a loan book of GBP66 million at 31 July 2018.
It will be treated as a discontinued operation in the group's
forthcoming full-year results.
Enquiries
Close Brothers Group
Sophie Gillingham plc 020 7655 3844
Close Brothers Group
Liya Dashkina plc 020 7655 3468
Close Brothers Group
Matt Bullivant plc 020 7655 3698
James McFarlane Maitland 020 7379 5151
About Close Brothers
Close Brothers is a leading UK merchant banking group providing
lending, deposit taking, wealth management services and securities
trading. We employ over 3,300 people, principally in the UK. Close
Brothers Group plc is listed on the London Stock Exchange and is a
member of the FTSE 250.
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END
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