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.
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"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.
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