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Close Brothers to sell Cayman Islands business

Close Brothers has announced the sale of its Cayman Islands trust, fiduciary services, fund administration and banking business to Intertrust Group Holding.

The move comes weeks after the firm confirmed the sale of its business interests in Jersey, Guernsey and the Isle of Man to Kleinwort Benson Channel Islands Holdings in a deal worth £29.1m.

The new sale is expected to have a value of approximately £20.9m, although this is subject to change in line with the net asset position of the business at completion.

Close Brothers’ Cayman Islands business had gross assets of £136m, £85m funds under management and £113m in customer deposits at the end of January. It also recorded a profit after tax of £4.1 million in the financial year to July 31, 2010.

The firm claims the disposal will have a “small dilutive impact” on its earnings in the year to July 31, 2012, but adds this will not have an effect on its capital or funding positions.
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