Close Bros sells offshore arm

Close Brothers Group is selling its trust, fund administration, asset management and banking business in Jersey, Guernsey and the Isle of Man to Kleinwort Benson Channel Islands Holdings for £29.1m in cash. The group said the sale, which is subject to regulatory approval, would further streamline its asset management division and was consistent with its strategy to focus on its core businesses.

Proceeds will be reinvested in Close Brothers’ other businesses. The sale is expected to be completed by the end of the current financial year.