Mon, 18 Jul 2011 | DIVISION SALE
Arbuthnot Banking Group is looking into selling off its broking business, after discussions reportedly took place following a period of weak performance.
Its private bank Arbuthnot Latham (originally established 178 years ago) has been flourishing – along with the rest of the group. Arbuthnot chairman and chief executive Henry Angest said in May that Secure Trust Bank and Arbuthnot Latham were trading very well, but the broking arm had declined.
“Initial public offerings on the Aim market have become scarce and institutional commission business is reducing across the market,” he said.
The broking business’s future could be altered depending on the successful completion, or not, of an upcoming small number of corporate deals. It presently has 65 clients.
It was recently reported that the group had appointed former ABTA publicity boss David Marshall to become its new communications director: a newly created role. Mr Marshall is to be tasked with raising the profile of the company with key media stakeholders.
The banking group reported pre-tax profits of £5.1 million for the year to 31 December 2010, along with total current assets of £551 million.
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