Close Brothers sells German securities business for £36m

Close Brothers has sold its German securities business, Close Brothers Seydler Bank, for a cash consideration of £36m.

The proceeds will be reinvested in the merchant banking group's core businesses of lending, wealth management and securities trading in the UK.

Close Brothers expected to record an exceptional profit on disposal of approximately £10m.

Frankfurt-based Seydler, which provides equity and debt capital markets services, reported profit after tax of £5m in the year ended 31 July.