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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.

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