Close Brothers Group (GB:CBG) has released an update.
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Close Brothers Group has announced the sale of its wealth management business, Close Brothers Asset Management, to Oaktree Capital Management for up to £200 million. The deal is expected to bolster Close Brothers’ capital base by approximately 100 basis points and enable the company to concentrate on its core lending operations. The transaction, subject to regulatory approvals, is set to be completed in early 2025 and is part of a strategic move to simplify the group’s structure and focus on growth prospects in its main business.
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