Sale of Swiss Subsidiary

RNS Number : 6336Z

Arbuthnot Banking Group PLC

19 March 2012

 

For Immediate Release

 

19 March 2012

PRESS RELEASE                                                                                                                      

 ARBUTHNOT BANKING GROUP PLC

SALE OF SWISS SUBSIDIARY

The Board of Arbuthnot Banking Group PLC has today agreed terms for the sale of Arbuthnot AG.  The company has been sold to Ducartis Holding AG for a total cash consideration of CHF 2.0m and this will result in a profit for the Group of approximately £0.8m. 

Arbuthnot AG was originally formed in order to establish a Swiss banking subsidiary for the Arbuthnot Banking Group.  The Board has now decided that in the light of the recent offer from Ducartis Holding AG it no longer wishes to proceed with this project and will instead use the proceeds of the sale to further develop its two existing banking businesses.

Enquiries:

Arbuthnot Banking Group PLC                                                       Tel:     [phone]

Henry Angest, Chairman and Chief Executive

Andrew Salmon, Chief Operating Officer

James Cobb, Group Finance Director

David Marshall, Director of Communications

Hawkpoint Partners Limited (Nominated Adviser)                       Tel:     [phone]

Lawrence Guthrie

Sunil Duggal

Numis Securities Limited                                                                  Tel:     [phone]

Christopher Wilkinson

Mark Lander

Pelham Bell Pottinger                                                                        Tel:     [phone]

Ben Woodford

Dan de Belder

 

END

 

 

MSCUKUVRUSAOAAR