The sale will result in a profit for Arbuthnot Banking of approximately GBP0.8m.
The group said that it had set up Arbuthnot to develop a Swiss banking subsidiary for the firm, but in light of the offer made by Swiss firm Ducartis it no longer wishes to proceed with this project.
Arbuthnot will use the proceeds of the sale to expand its private banking arm Arbuthnot Latham, as well as Secure Trust Bank, its retail banking business.
Secure Trust Bank provides banking services including a range of lending solutions and deposits and fee-based current account.
Arbuthnot Latham is the private bank that offers a private banking and whole of market wealth planning and discretionary investment management services.
