Arbuthnot sells Swiss business

FINANCIAL services group Arbuthnot has sold its Swiss subsidiary to Ducartis for SFr2m (£1.38m) in cash, netting a profit of £800,000.

The group said in a statement that it had set up Arbuthnot AG to develop a Swiss banking subsidiary for the firm, but in light of the offer made by Swiss firm Ducartis, “it no longer wishes to proceed with this project.”

It will instead use the proceeds of the sale to expand its private banking arm Arbuthnot Latham, as well as Secure Trust Bank, its retail banking business.