Pre-Close Trading Update

RNS Number : 6314V

Arbuthnot Banking Group PLC

16 January 2013

 



                                                                                                                       For Immediate Release

PRESS RELEASE                                                                                            16 January 2013

 ARBUTHNOT BANKING GROUP PLC

Pre-Close Trading Update

Arbuthnot Banking Group (the "Group") today issues a pre-close trading update ahead of its preliminary results announcement for the year ended 31 December 2012 scheduled for 21 March 2013.

The Group traded well during the fourth quarter and as a result it expects to report pre-tax profits in line with market expectations.

Retail Banking

Secure Trust Bank PLC ("STB") continued to see strong demand for lending across all of its portfolios and following the successful completion of its equity placing, the business remains well positioned to execute on its strategy of building a diversified lending business. Prior to the year end, STB announced it had in principle reached an agreement to acquire the V12 Finance Group, a retail point of sale finance provider. This was successfully completed early in 2013 and is complementary to this strategy.

Private Banking

Arbuthnot Latham ("AL") took advantage of the prevailing market conditions by hiring a number of executives in the fourth quarter, who will help the business to focus on growing its wealth management franchise for customers based both here in the UK and internationally. Gilliat Financial Solutions had a strong finish to the year.

As Arbuthnot Latham enters its 180^th year, the Group remains confident of its ability to maintain the momentum generated in the business during 2012. However it will remain vigilant of developments in the wider economy.

Note: STB is also making a pre-close statement today which should be read in conjunction with this statement.

Enquiries:

Arbuthnot Banking Group PLC                                                       

Henry Angest, Chairman and Chief Executive                                        Tel:     [phone]

Andrew Salmon, Chief Operating Officer

James Cobb, Group Finance Director

David Marshall, Director of Communications                                         Tel:     [phone]

Canaccord Genuity Hawkpoint Limited (Nominated Adviser)        Tel:     [phone]

Lawrence Guthrie

Sunil Duggal

Numis Securities Limited (Broker)                                                   Tel:     [phone]

Christopher Wilkinson

Mark Lander

Pelham Bell Pottinger                                                                        Tel:     [phone]

Ben Woodford

Dan de Belder

 

END

 

 

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