Last checked at 19 Mar 2012 15:35
PRESS RELEASE
ARBUTHNOT BANKING GROUP PLC
SALE OF SWISS SUBSIDIARY
The Board of Arbuthnot Banking Group PLC has today agreed terms for the sale of Arbuthnot AG. The company has been sold to Ducartis Holding AG for a total cash consideration of CHF 2.0m and this will result in a profit for the Group of approximately £0.8m.
Arbuthnot AG was originally formed in order to establish a Swiss banking subsidiary for the Arbuthnot Banking Group. The Board has now decided that in the light of the recent offer from Ducartis Holding AG it no longer wishes to proceed with this project and will instead use the proceeds of the sale to further develop its two existing banking businesses.
Enquiries:
Arbuthnot Banking Group PLC Tel: 020 7012 2400
Henry Angest, Chairman and Chief Executive
Andrew Salmon, Chief Operating Officer
James Cobb, Group Finance Director
David Marshall, Director of Communications
Hawkpoint Partners Limited (Nominated Adviser) Tel: 020 7665 4500
Lawrence Guthrie
Sunil Duggal
Numis Securities Limited Tel: 020 7260 1000
Christopher Wilkinson
Mark Lander
Pelham Bell Pottinger Tel: 020 7861 3232
Ben Woodford
Dan de Belder