Arbuthnot Securities sale goes through
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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
How taking a two-year career break could leave a £26k hole in your pension
Career breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storage
Selling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits