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Close Bros Grp PLC (CBG)

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Friday 14 September, 2018

Close Bros Grp PLC

Disposal of retail point of sale finance business

RNS Number : 7527A
Close Brothers Group PLC
14 September 2018
 

 

 

 

 

Disposal of retail point of sale finance business




 

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 £66 million at 31 July 2018. It will be treated as a discontinued operation in the group's forthcoming full-year results.

Enquiries

 

Sophie Gillingham

Close Brothers Group plc

     020 7655 3844

Liya Dashkina

Close Brothers Group plc

020 7655 3468

Matt Bullivant

Close Brothers Group 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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