Arbuthnot Securities sale goes through

published 20 January 2012

Arbuthnot Banking Group (ABG) said the sale of Arbuthnot Securities investment bank to Westhouse Securities has now completed, after the Financial Services Authority gave its approval to the sale on Wednesday.

ABG will be glad to get shot of the business at last; delays to regulatory approval meant it had to swallow £8m of losses from the investment bank that it had not counted on.

Now the deal has gone through, Westhouse has issued 1.25m ordinary shares to ABG as part of the consideraton, giving ABG a 9.32% beneficial interest in Westhouse.