Close Brothers Group ( (GB:CBG) ) has issued an update.
Close Brothers Group has completed the sale of its wealth management division, Close Brothers Asset Management (CBAM), to Oaktree Capital Management. This strategic move is expected to strengthen Close Brothers’ capital base, increasing its common equity tier 1 capital ratio by approximately 120 basis points. The transaction, valued at around £146 million, will allow Close Brothers to focus on its core business operations. Oaktree plans to invest in CBAM’s technology and operations to enhance service quality and drive long-term growth.
More about Close Brothers Group
Close Brothers is a leading UK merchant banking group that provides lending, deposit taking, and securities trading services. The company employs approximately 4,000 people, primarily in the United Kingdom and Ireland, and is listed on the London Stock Exchange.
YTD Price Performance: 73.35%
Average Trading Volume: 427
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $621.8M
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