After delivering a healthy £3-per-share special dividend to equity investors in November, Arbuthnot Banking Group (ARBB) had plenty of capital left to fuel the growth of its private banking operation. This month, it announced two deals on consecutive days.
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The first purchase was the private banking loan portfolio side of Duncan Lawrie, including 83 customer accounts amounting to £44.9m, for which it is paying £42.7m, subject to completion adjustments: Brewin Dolphin (BRW) picked up the remaining asset management business. Arbuthnot then agreed to purchase Renaissance Asset Finance, which has customer assets of £68m, subject to regulatory approval.
