The Arbuthnot Banking Group (ABG) said City watchdog, the FSA, had given regulatory approval for sale of its Arbuthnot Securities investment bank to Westhouse Holdings.
It now expects the £1.9m deal, which it agreed in November, to go through on 20 January.
The completion of the sale will be some consolation to ABG which will have to swallow £8m of losses from the investment bank in its full year results after it failed to get regulatory approval for the deal before the end of the year.
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
"Despite exhaustive efforts we have been unable to agree a structure which meets the regulatory requirements and falls within our risk appetite; consequently the joint venture will not be proceeding as expected," ABG said last week before the deal got the thumbs up.
Last week the firm said it expected pre-tax profits for continuing operations in 2011 to be around £5m.
Arbuthnot Securities results for the year will be reported as discontinued operations.
-
Buying a property is cheaper than renting again – how much could you save?News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
-
Is now a good time to invest in India?Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
