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Flemings posts record profits

Flemings, the investment bank, has announced pre-tax profits of £328m for the year ending March 31.

The previous year’s figures were £64.1m.

Chase Manhattan is acquiring Flemings. It has so far received acceptances for almost 92 per cent of Flemings shares, but the deal will not receive regulatory approval for another three weeks.

Flemings chief executive William Garrett says his bank is being sold at a time when "almost every bit of our business has enjoyed a wonderful year."

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