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Close Brothers Group PLC (LSE:CBG) shares rose 6% to 539p after RBC Capital Markets upgraded the lender to 'outperform', arguing the market is underestimating how much further costs can be cut. RBC lifted its price target to 625p from 475p, having previously rated the stock at Sector Perform.
Close Brothers Group PLC (LSE:CBG) has completed the sale of Winterflood Securities to Marex after securing regulatory approval. The group said the transaction, first announced in July, closed on 1 December.
British lender Close Brothers said on Tuesday it expects to take an additional charge of about 135 million pounds ($179.86 million) in relation to the scandal, taking its total provision to about 300 million pounds.
Close Brothers Group plc (OTCPK:CBGPY) Q4 2025 Earnings Call September 30, 2025 4:30 AM EDT Company Participants Mike Morgan - Group CEO & Executive Director Fiona McCarthy - Group CFO & Executive Director Camila Sugimura - Deputy Head of Investor Relations Conference Call Participants Benjamin Toms - RBC Capital Markets, Research Division Gary Greenwood - Shore Capital Group Ltd., Research Division Sanjena Dadawala - UBS Investment Bank, Research Division Presentation Operator Ladies and gentlemen, welcome to the Preliminary Results 2025 Conference Call.
Close Brothers Group PLC (LSE:CBG) shares dropped 5% this morning after the lender warned that its net interest margin will dip below 7% in the year ahead, raising concerns about future profitability as it works through legacy issues. The bank, which has been restructuring after a string of setbacks, said the NIM, the gap between what it earns on loans and pays on deposits, was 7.2% last year.
British lender Close Brothers reported an annual profit of 144.3 million pounds ($193.88 million) on Tuesday, beating market estimates, as cost-saving measures and selective lending helped offset pressure from the motor finance commission probe.
Shares in Close Brothers Group PLC (LSE:CBG) fell 4% on Monday after RBC Capital Markets downgraded the specialist lender from 'sector perform' to 'underperform', warning that pressure on margins and regulatory capital is likely to drag on profitability. RBC's analysts lowered their price target from 825p to 600p and flagged several headwinds, including muted loan growth, falling net interest margins and uncertainty around dividend payouts.
Close Brothers shares popped 30% at the open on Monday, after a Supreme Court ruling last week on car finance commissions went largely in favour of banks, although it still left them facing millions of potential compensation claims.
Close Brothers Group PLC (LSE:CBG) has agreed to sell Winterflood Securities, London's largest equity market maker, to Marex Group for £103.9 million in cash. Winterflood, known by the screen abbreviation WINS, is being offloaded as part of a streamlining of the listed merchant bank.
British lender Close Brothers said on Friday it has agreed to sell market maker Winterflood Securities to financial services company Marex Group for approximately 103.9 million pounds ($140.20 million) in cash.
LONDON, July 25, 2025 (GLOBE NEWSWIRE) -- Marex Group plc (‘Marex' or the ‘Group'; NASDAQ: MRX), the diversified global financial services platform, today announces that it has agreed to acquire UK equity market maker Winterflood Securities (Winterflood) from Close Brothers Group plc (Close Brothers) for approximately £103.9 million in cash, which represents a premium of £15 million. Winterflood is one of the UK's leading equity market makers, delivering execution services to over 400 institutional clients and ranking consistently as a top three market counterparty with a market share of about 15% by volume on the London Stock Exchange1.
British lender Close Brothers said on Wednesday it would streamline its premium finance division to focus on business clients over individuals due to rising costs and operational complexity.
Shares in Close Brothers Group PLC (LSE:CBG) fell 4% on Wednesday after the specialist lender reported a dip in loan growth for the third quarter, prompting concern that its cautious outlook on lending could weigh on performance into the year-end. The group's loan book shrank by 0.9% in the three months to April and is now down 3.5% for the financial year to date.
Close Brothers' total capital ratio rose by 80 basis points to 18% in the quarter to the end of April, as it bolstered its finances pending a ruling that may force the bank and others to pay out millions of pounds in redress to motor loan customers.
Close Brothers Group PLC (LSE:CBG) has had a bruising spell in the market. But for income investors and contrarians alike, there may be light at the end of the tunnel.
Close Brothers Group PLC (LSE:CBG) swung to a first-half loss of £103.8 million as it made a £165 million provision relating to motor finance commissions. The provision was flagged last month, with the loss also reflecting lower income and the impact of complaints handling and other operational and legal costs incurred in relation to the motor finance issue, where the Supreme Court is due to rule early next month.
Close Brothers Group PLC (LSE:CBG) reports interim results on Tuesday 18 March, having warned last that these results will include a £165 million motor finance provision. The lender said the size of the provision also includes estimates for potential operational and legal costs, as well as estimates for potential remediation for affected customers.
Shares in British lenders Close Brothers and Lloyds Banking group fell on Monday, with traders and analysts citing reports that the Treasury has been blocked from intervening into the Supreme Court review of the motor finance misselling case.
The update from Close Brothers Group PLC (LSE:CBG) this morning should not provide much solace for investors, analysts said, as much remains to be decided outside of the company's control. In an unscheduled trading statement, the mid-cap lender said it planned to make a provision of up to £165 million for motor finance commissions for the first half of its current financial year.
Close Brothers has set aside up to 165 million pounds ($205 million) to cover costs related to motor finance claims, the British lender said on Wednesday, the first time it has estimated the potential impact of a ruling on unlawful commissions.