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
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.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
High earners underestimate how much they need to retire comfortably
High net worth individuals grossly misjudge how much money they need for a comfortable retirement, new data shows, with many not saving enough.
-
Retired banker who gave wife £80m to avoid inheritance tax won’t face equal split in divorce
Family lawyers say the Supreme Court ruling will have significant impact on high net worth divorce cases