Business
Purchase of consumer assets
Purchase of consumer assets.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n RNS Number : 8577X Arbuthnot Banking Group PLC 21 August 2009 \n \n \nPURCHASE OF CONSUMER FINANCE ASSETS\n\nArbuthnot Banking Group plc ('Arbuthnot Banking Group') today announces that its retail banking subsidiary Secure Trust Bank plc ('Secure Trust'), has reached agreement with Citifinancial Europe plc, a subsidiary of Citigroup to purchase a portfolio of personal instalment loans (the 'Loan Portfolio') for a consideration of £21.1 million. The consideration represents a discount to the gross amount receivable under the Loan Portfolio. None of the loans were in arrears as at the effective date of transfer.\n\nThe consideration for the transaction will be satisfied in cash on completion. The Loan Portfolio is expected to be immediately accretive to earnings.\n\nDuring the twelve month period to 31st December 2008 the Loan Portfolio earned an average interest margin (before funding, administration and other costs) of 18.5 per cent. The Loan Portfolio will be serviced using Secure Trust's existing platform.\n\nEnquiries:\n\n\n\n\n\nArbuthnot Banking Group PLC\n\n\nTel. No: 020 7012 2400\n\n\n\n\nHenry Angest\n\n\nChairman and Chief Executive\n\n\n\n\n\n\n\nAndrew Salmon\n\n\nChief Operating Officer\n\n\n\n\n\n\n\nJames Cobb\n\n\nGroup Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHawkpoint Partners Ltd\n\n\nTel No: 020 7665 4500\n\n\n\n\nLawrence Guthrie\n\n\n\n\n\n\n\n\n\n\nSunil Duggal\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNumis Securities Limited \n\n\nTel No: 020 7260 1000\n\n\n\n\nChristopher Wilkinson\n\n\n\n\n\n\n\n\n\n\nMark Lander\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMaitland\n\n\nTel. No: 020 7379 5151\n\n\n\n\nEmma Burdett\n\n\n\n\n\n\n\n\n\n\nRichard Farnsworth\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCILFEETIILFIA \n ","length":5917,"tagName":"div"}]