Sale of Swiss Subsidiary

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