20th Oct 2014 06:58
LONDON (Alliance News) - Close Brothers Group PLC Monday said it has sold its securities business in Germany to investment banking and capital management company Oddo & Cie for EUR46 million, with the proceeds to be reinvested into the FTSE 250 merchant bank's core businesses of lending, wealth management and securities trading in the UK.
In a statement, Close Brothers said it expects to record a one-off profit on disposal of Close Brothers Seydler Bank AG of about GBP10 million.
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 financial year ended July 31, Seydler reported a profit after tax of GBP5 million.
The final amount that will be received for Seydler is subject to adjustment based on its net assets upon completion of the deal.
The transaction requires regulatory approval in Germany.
By Samuel Agini; [email protected]; @samuelagini
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