Close Brothers owns 85% of the Cayman Islands trust, fiduciary services and fund administration business and 100% of the banking business and is selling its entire holding.
On completion the group will receive approximately £18.1m in cash and expects to record a loss on disposal of approximately £0.4m including the costs of sale.
The business currently has 61 staff and as at 31 January 2011 had gross assets of £136m, £85m of funds under management and £113m of customer deposits.
Close Brothers CEO Preben Prebensen said the sale of the Cayman business further supports the transformation of the Asset Management division where they are committed to developing and growing their UK based wealth and asset management business.
The disposal follows the group’s recent announcement of the sale of its UK offshore business.
The sale is subject to regulatory approval and is expected to complete by the end of the current financial year.
