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LONDON (Alliance News) - Arbuthnot Banking Group PLC confirmed Friday it sold 1.1 million shares in Secure Trust Bank PLC.
The shares were priced at 1,460 pence per share, raising GBP15.3 million for Arbuthnot.
Arbuthnot Banking's principal banking subsidiary, Arbuthnot Latham & Co Ltd, held a 15.5% interest in Secure Trust Bank, which was lowered during 2018 from 18.6%.
Following this placing, Arbuthnot now holds a 9.9% interest in Secure Trust Bank, representing 1.8 million shares.
Secure Trust Bank was trading 0.8% lower Friday morning at 1,512.8p. Arbuthnot shares were untraded, last quoted at 1,390.0p.
Arbuthnot explained that the purpose of the sale is both to support future growth of the Arbuthnot Latham lending businesses and to reduce the significant additional regulatory capital that a holding of this size in another bank requires.
The sale of the stake will also improve the Arbuthnot's regulatory capital position, the lender said. The company said it will not dispose of shares in Secure Trust Bank for a period of 180 days following the transaction.
