Proactive Investors - Run By Investors For Investors

Close Brothers exits point of sale loan space

The business had a loan book of £66mln at 31 July
high street
Point of sale loans don't fit with the business said Close

Close Brothers Group PLC (LON:CBG) has disposed of its retail loan business to Swedish payment solutions group Klarna Bank.

Unsecured retail point of sale finance market does not fit long-term with its secured business model, merchant bank Close said. The business had a loan book of £66mln at 31 July with the sale is expected to complete in the current calendar year. Shares rose 1.5% to 1,614p.

View full CBG profile View Profile

Close Brothers Group Timeline

Related Articles

March 12 2019
"Over the past 25 years, S&U has consistently demonstrated its ability to adapt to the kinds of economic and political uncertainty we all currently face," said chief executive Anthony Coombs.
CSE head office in Toronto
January 01 2019
Capital raised on the CSE set to increase over 500% by the end of 2018
December 05 2018
“I think we’re a different generation of bank that is a lot quicker on our feet, a lot quicker at reacting to what customers want and are a lot more attractive to the savings market,” PCF boss Scott Maybury said

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use