Close Brothers Group Says Capital Position Remains Strong

Close Brothers Group plc (CBG.L), on Wednesday, issued pre-close trading update ahead of its 2021 financial year end, and said its performance has been strong, with high levels of activity in Banking, good net inflows in Close Brothers Asset Management or CBAM and strong trading income in Winterflood.

The company noted that its capital position remains strong, with a Common Equity Tier 1 or CET1 capital ratio of 15.9%, significantly above the applicable minimum regulatory requirement.

In June 2021, the company raised £200 million of subordinated debt in the form of Tier 2 notes, replacing and concurrently repurchasing most of the outstanding securities.

Further, Close Brothers stated that it has delivered a strong financial performance in the first 11 months of the financial year and "remain well positioned to make the most of the opportunities arising from the current environment."

Adrian Sainsbury, Chief Executive Officer, said, "We have navigated the changing environment well and our model has enabled us to perform strongly, making the most of opportunities, throughout the year. We are encouraged by improvements in the economic backdrop, although uncertainties persist. Face-to-face interaction with our customers and clients remains a key part of our model and we are looking forward to increased direct contact as restrictions gradually ease. However, the safety and wellbeing of our colleagues, customers and clients remain our highest priority."

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