Regulator approves Arbuthnot sale
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.
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.
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.
-
How does the Lifetime ISA work? Key LISA rules
What is a Lifetime ISA (LISA) and how much could the government bonus boost your savings by? We look at the perks and the pitfalls.
-
AJ Bell: a fine British fintech going cheap
Opinion Don’t overlook investment platform AJ Bell, a significantly undervalued British business with an excellent financial base