Last checked at 16 Jan 2013 07:00
For Immediate Release
PRESS RELEASE 16 January 2013
ARBUTHNOT BANKING GROUP PLC
Pre-Close Trading Update
Arbuthnot Banking Group (the "Group") today issues a pre-close trading update ahead of its preliminary results announcement for the year ended 31 December 2012 scheduled for 21 March 2013.
The Group traded well during the fourth quarter and as a result it expects to report pre-tax profits in line with market expectations.
Retail Banking
Secure Trust Bank PLC ("STB") continued to see strong demand for lending across all of its portfolios and following the successful completion of its equity placing, the business remains well positioned to execute on its strategy of building a diversified lending business. Prior to the year end, STB announced it had in principle reached an agreement to acquire the V12 Finance Group, a retail point of sale finance provider. This was successfully completed early in 2013 and is complementary to this strategy.
Private Banking
Arbuthnot Latham ("AL") took advantage of the prevailing market conditions by hiring a number of executives in the fourth quarter, who will help the business to focus on growing its wealth management franchise for customers based both here in the UK and internationally. Gilliat Financial Solutions had a strong finish to the year.
As Arbuthnot Latham enters its 180th year, the Group remains confident of its ability to maintain the momentum generated in the business during 2012. However it will remain vigilant of developments in the wider economy.
Note: STB is also making a pre-close statement today which should be read in conjunction with this statement.
Enquiries:
Arbuthnot Banking Group PLC
Henry Angest, Chairman and Chief Executive Tel: 020 7012 2400
Andrew Salmon, Chief Operating Officer
James Cobb, Group Finance Director
David Marshall, Director of Communications Tel: 020 7012 2400
Canaccord Genuity Hawkpoint Limited (Nominated Adviser) Tel: 020 7665 4500
Lawrence Guthrie
Sunil Duggal
Numis Securities Limited (Broker) Tel: 020 7260 1000
Christopher Wilkinson
Mark Lander
Pelham Bell Pottinger Tel: 020 7861 3232
Ben Woodford
Dan de Belder