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.
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.
-
Emerging markets boast top growth stocks at bargain pricesOpinion Lim Wen Loong, investment director at Ashoka WhiteOak Capital, selects three growth stocks where he’d put his money
-
Beware the bubble in bitcoin treasury companiesBitcoin treasury companies are no longer coining it. Short this one, says Matthew Partridge
