02:00 Thu 21 Feb 2019
Arbuthnot Banking - Pre Close Trading Update
Pre Close Trading Update
The Group continued to make good progress in the fourth quarter of 2018 and as a result expects to announce underlying full year pre-tax profits in line with market expectations.
Additionally, the results will include a one-off adjustment reducing the anticipated liability related to the management team earn out for the acquisition of Renaissance Asset Finance ("RAF"). The adjustment is expected to be approximately
The Group's other new ventures are also making good progress. Arbuthnot Commercial Asset Based Lending division ended the year with drawn balances of
The Arbuthnot Specialist Lending business, which will focus on providing short-term secured lending solutions to professional property businesses and entrepreneurs, is currently undertaking a soft launch and has had Credit Committee approval for its first customer loan.
Arbuthnot Direct Deposit platform went live this week following a successful pilot. This will enable our clients to access our deposit products via this new internet platform with rates advertised on "best buy" tables.
Thus the Group continues to grow and diversify its revenue and funding sources following the sale of its majority investment in Secure Trust Bank.
Enquiries:
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0207 012 2400 |
Sir
|
0207 710 7600 |
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0207 260 1000 |
Maitland
Jais Mehaji |
020 7379 5151 |
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