Arbuthnot Banking Group PLC Loan Portfolio Acquisition (1703S)
December 19 2016 - 2:00AM
UK Regulatory
TIDMARBB
RNS Number : 1703S
Arbuthnot Banking Group PLC
19 December 2016
FOR IMMEDIATE RELEASE
19 December 2016
Arbuthnot Banking Group PLC
Loan Portfolio Acquisition
Arbuthnot Banking Group PLC ("Arbuthnot" or "the Group") today
announces that its wholly owned subsidiary Arbuthnot Latham ("AL")
has completed the purchase of a private banking loan portfolio,
which is mainly secured against residential property.
The loans are being purchased from Duncan Lawrie Ltd ("Duncan
Lawrie"). As at 31 October 2016 the portfolio had total customer
balances of approximately GBP44.9m and comprised 83 customer
accounts. The average loan to value of the portfolio was 43% and
the client yield was 5.21% (for the month of October) before
applying any yield adjustment for the negotiated discount, which
was 5% to the par value of the loans. This discount should result
in a higher effective interest rate as the portfolio repays.
The consideration of GBP42.7m (which is subject to certain
completion adjustments relating to the period up to 31 January
2017) will be satisfied in cash from the Group's resources.
Enquiries:
Arbuthnot Banking Group
Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating
Officer
James Cobb, Group Finance Director
Ian Henderson, Group Director and 0207 012
Chief Executive Arbuthnot Latham 2400
Stifel Nicolaus Europe Ltd trading
as KBW (Nomad and Joint Broker)
Robin Mann
Gareth Hunt 0207 710
Stewart Wallace 7600
Numis Securities Ltd (Joint Broker)
Chris Wilkinson 0207 260
Andrew Holloway 1000
Bell Pottinger (Financial PR) 0203 772
Ben Woodford 2563
This information is provided by RNS
The company news service from the London Stock Exchange
END
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