Close Brothers Group has agreed to sell its securities business in Germany, Close Brothers Seydler Bank (Seydler), to Oddo & Cie for a cash consideration of EUR46m (£36m).
Subject to regulatory approval in Germany, the gross consideration is subject to an adjustment by reference to Seydler’s net asset position at the completion date.
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Close Brothers said that the proceeds from the sale will be reinvested in Close Brothers’ core businesses of lending, wealth management and securities trading in the UK.
Following the sale, the group intends to gain a profit of approximately £10m. The business has recorded profit after tax of £5m for the year ended 31 July 2014.
Seydler provides equity and debt capital markets services, securities trading and research primarily in German small and mid-sized companies.
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