REG - Close Bros Grp PLC - Disposal <Origin Href="QuoteRef">CBRO.L</Origin>

Close BrothersAnnouncement

29/10/2014 13:09

RNS Number : 6692U
Close Brothers Group PLC
20 October 2014
Close Brothers Group plc 
Disposal of Close Brothers Seydler Bank AG
Close Brothers Group plc (the "group" or "Close Brothers") today announces the disposal of Close Brothers Seydler Bank AG ("Seydler"), its securities business in Germany, to Oddo & Cie for a gross cash consideration of 46 million (36 million). The gross consideration is subject to an adjustment by reference to Seydler's net asset position at the completion date. The transaction is subject to regulatory approval in Germany.
Based in Frankfurt, Seydler provides equity and debt capital markets services, securities trading and research primarily in German small and mid-sized companies. In the year ended 31 July 2014, the business reported profit after tax of 5 million.
The proceeds will be reinvested in Close Brothers' core businesses of lending, wealth management and securities trading in the UK. On completion of the transaction, the group expects to record an exceptional profit on disposal of approximately 10 million.
Enquiries
Jon Nash 
Close Brothers Group plc 
020 7655 3844
Helen Price 
Close Brothers Group plc 
020 7655 3292
Peter Ogden 
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. 
Established in 1878, we believe our traditional merchant banking values, based on service and integrity, continue to be relevant today. We define our approach to business as 'Modern Merchant Banking' - values that are embedded in our culture and that underpin everything we do. 
Today, Close Brothers Group plc employs 2,800 people, principally in the UK. We are listed on the London Stock Exchange and are a member of the FTSE 250.

This information is provided by RNS
The company news service from the London Stock Exchange
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