Last checked at 11 May 2011 16:07
Arbuthnot Banking Group PLC
AGM Statement
The Board of Arbuthnot Banking Group PLC announces that today, 11 May 2011, shareholders approved all resolutions proposed at the Annual General Meeting of Arbuthnot Banking Group PLC.
At the Annual General Meeting this afternoon, Henry Angest, Chairman and Chief Executive of the Group, made the following statement:
"Trading for the first four months of 2011 shows a mixed picture across the Group. Both of our banks, Arbuthnot Latham and Secure Trust Bank, have been able to take advantage of market conditions and are trading strongly, ahead of expectations. On the other hand, market conditions affecting Arbuthnot Securities have deteriorated sharply: IPOs on the AIM market have become scarce and institutional commission business is reducing across the market.
The full year outturn for Arbuthnot Securities remains difficult to predict and likely to be materially affected by the completion - or non-completion - of a relatively small number of corporate deals. Management continues to take the necessary actions both to control costs and strategically position the business in the most effective way.
The outlook for the Group's banks is positive. The Group's most profitable subsidiary, Secure Trust Bank, has a wide range of opportunities to expand both its lending and its fee-based businesses and the Group is currently exploring ways to accelerate its growth."
Enquiries:
Arbuthnot Banking Group PLC:
Henry Angest Chairman and Chief Executive Tel No: 0207 012 2400
Andrew Salmon Chief Operating Officer
James Cobb Group Finance Director
Pelham Bell Pottinger:
Ben Woodford Tel No: 0207 7861 3917
Dan De Belder