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Close Bros Grp PLC (CBG)

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Tuesday 12 December, 2000

Close Bros Grp PLC

Acquisition

Close Brothers Group PLC
12 December 2000




CLOSE BROTHERS GROUP PLC ('CLOSE BROTHERS') ANNOUNCES
THE ACQUISITION OF TRANSAMERICA INSURANCE FINANCE OPERATIONS IN EUROPE


Close Brothers announces that on 11 December 2000 it acquired
all of the issued share capital of Transamerica Insurance
Finance Company (Europe) ('Tifco Europe').  Tifco Europe is a
subsidiary of Transamerica Finance Corporation, and Aegon N.V.
The purchase has been effected through its banking subsidiary,
Close Brothers Limited.  Tifco Europe is one of the leading
providers of instalment finance for annual insurance premiums
in the UK and also has offices in Dublin and Amsterdam.

The net assets being acquired, which will be subject to a post-
completion audit, are estimated to be £1 million.
Consideration for the purchase, subject to any adjustments
which may arise following the post-completion audit, is
approximately £2.4 million settled in cash at completion.  In
addition, Close Brothers has procured that Tifco Europe repays
the intra-group balances due by it to members of the
Transamerica Group amounting to £91 million.  In the financial
year ended 31 December 1999, Tifco Europe earned profits after
tax of approximately £170,000.

The business of Tifco Europe is complementary to that of
Prompt, the insurance premium financing operation of Close
Brothers, and will in due course be merged into one company
based in Tolworth under the Prompt banner.

Commenting on the acquisition, Mr Winkworth said 'The insurance
cycle is turning more positive and we believe that the
combination of the operations of Tifco Europe with Prompt will
lead to significant operating efficiencies and enhance the
development of the business'.


Press enquiries:

Close Brothers Group plc:   Peter Winkworth     020 7426 4000
                            Director

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