Arbuthnot Securities Limited

RNS Number : 7333R

Arbuthnot Banking Group PLC

09 November 2011

 



                                                                                                              For Immediate Release

PRESS RELEASE                                                                                          9 November 2011

 ARBUTHNOT BANKING GROUP PLC

ANNOUNCEMENT RE ARBUTHNOT SECURITIES LIMITED

The Board of Arbuthnot Banking Group PLC ("Arbuthnot" or the "Group") announces that it has agreed, subject to contract, due diligence and Board and regulatory approval, to sell its investment banking subsidiary, Arbuthnot Securities Limited ("Arbuthnot Securities") to Westhouse Holdings plc.

Earlier this year, the Board had thought to continue to support Arbuthnot Securities because it seemed likely that there was a reasonable prospect of improved market conditions.  Since then conditions have worsened while at the same time the Group's other business opportunities have strengthened.  The Board is now of the view that there will be consolidation within the investment banking and securities markets and that the interests of the clients and staff of Arbuthnot Securities will be best served from the proposed change in ownership.  This will free up the resources of Arbuthnot Banking Group to focus on investing further in its other businesses.

Further announcements in respect of this transaction will be made in due course.

Henry Angest, Chairman and Chief Executive of Arbuthnot Banking Group PLC said:

"As our business continues to develop and with both the banking businesses performing well, the Board of Arbuthnot Banking Group has taken the decision to concentrate its efforts on Arbuthnot Latham & Co. Limited and Secure Trust Bank PLC."

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

Numis Securities Limited                                                                  Tel:     [phone]

Christopher Wilkinson

Mark Lander

Pelham Bell Pottinger                                                                        Tel:     [phone]

Ben Woodford

Dan de Belder

 

END

 

 

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