14th May 2008 14:30
14 May 2008
ARBUTHNOT BANKING GROUP PLC
AGM Statement
At the Annual General Meeting at 3.00 p.m. Henry Angest will make the following statement:
The credit crunch has had a minimal effect on the trading of our banking subsidiaries, Arbuthnot Latham and Secure Trust Bank. In both of these businesses trading in the first four months of this year has been broadly in line with the second half of last year. Liquidity in both businesses continues to be very strong, and the banking lines in Arbuthnot Latham continue to be unutilised.
Trading within Arbuthnot Securities was adversely affected by market turbulence and reduced deal volume in the first quarter, but trading has improved since the end of March, and we have seen the return of some deal flow, including the successful completion of the biggest company fund raising that the firm has ever undertaken.
Mark Brown has indicated that he wishes to relinquish his managerial responsibilities after 4 years as Chief Executive of Arbuthnot Securities. He will remain as a Managing Director of the firm focussing on business generation and deal execution. Neil Kirton, who has been Mark's deputy for the last 2 years, will take over as Chief Executive on 1 June 2008. Mark has done a magnificent job. He has transformed Arbuthnot Securities from a struggling business to one which is now a leading player in its space. We are fortunate that we will be retaining Mark's considerable talents within the business, and that we have a deputy of Neil's calibre available to take over immediately.
Press Enquiries:
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Arbuthnot Banking Group PLC |
Tel: 020 7012 2400 |
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Henry Angest, Chairman and Chief Executive |
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Andrew Salmon, Chief Operating Officer |
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Paul Sheriff, Group Finance Director |
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Maitland |
Tel: 020 7379 5151 |
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Emma Burdett |
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Richard Farnsworth |
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