Close Brothers Group

Close Brothers Group plc is a UK merchant banking group, providing lending, deposit taking, wealth management and securities trading. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[2]

Close Brothers Group plc
TypePublic
LSE: CBG
IndustryFinancial services
Founded1878 (1878)
FounderWilliam Brooks Close
HeadquartersLondon, EC2
United Kingdom
Key people
Products
  • Merchant banking
  • Securities
  • Wealth management
Revenue£816.4 million (2019)[1]
£264.7 million (2019)[1]
£201.6 million (2019)[1]
Websitewww.closebrothers.com

History

Close Brothers was founded in 1878 by William Brooks Close and his brothers Fred and James Close, who started offering farm mortgages in Sioux City, Iowa.[3][4]

In 1897, William Brooks Close paid £10,000 to the US government for the right to build Alaska's first railway the White Pass and Yukon Route.[5]

It was the subject of a management buy-out in 1978 and was first listed on the London Stock Exchange in 1984.[6]

In the 1980s and 1990s the company began a phase of significant expansion through the acquisition of a large number of specialist businesses which included Winterflood Securities in 1993,[6] Hill Samuel's Corporate Finance Division in 1996[7] and Rea Brothers (established 1919) in 1999.[8]

In March 2008 Close Brothers acquired UK short-term and bridging lender Commercial Acceptances Group for around £31m.[9] In May 2009 it was announced that the corporate finance business was to be acquired by Daiwa Securities SMBC, a Japanese investment banking venture, leaving Close Brothers focused on capital markets, securities trading, lending and investment management solutions.[10]

Close Brothers disposed of Close Brothers Seydler Bank AG (“Seydler”), its securities business in Germany, to Oddo et Cie in 2014.[11]

Operations

Close Brothers Banking division provides specialist lending to small and medium-sized businesses and individuals across a diverse range of asset classes, and also offers deposit taking services.[12]

Winterflood, a leading market maker in the UK, trades in relevant MTFs and major dark pools and covers nearly all LSE listed stocks, as well as Alternative Investment Market (AIM) and ICAP Securities and Derivatives Exchange.[13]

References
  1. "Annual Report 2019" (PDF). Close Brothers. Retrieved 1 March 2020.
  2. "Close Brothers Group, UK, Londres". www.linkfinance.fr. Retrieved 2020-04-16.
  3. "Farming the Virgin Land 1878–1879". The Iowa Genealogy Web Project. Retrieved 16 March 2019.
  4. "Close Brothers shares shoot up on talk of takeover". The Guardian. 15 December 2007. Retrieved 16 March 2019.
  5. "White Pass and Yukon Route Facts". White Pass and Yukon Route. Retrieved 16 March 2019.
  6. "Close Brothers buys half of Mako". FT. 19 August 2007. Retrieved 16 March 2019.
  7. "Era ends as Hill Samuel loses its deal-makers". The Independent. 1 June 1996. Retrieved 16 March 2019.
  8. "Rea takeover puts Close in spotlight". The Guardian. 22 July 1999.
  9. "Close Brothers acquires two specialist lending businesses/". Compelo. 27 March 2008. Retrieved 16 March 2019.
  10. "Close Brothers sells corporate finance arm in £75m deal". The Telegraph. 18 May 2009. Retrieved 16 March 2019.
  11. "Oddo & Cie completes acquisition Seydler". Investment Europe. 7 January 2015. Retrieved 16 March 2019.
  12. "Close Brothers' lending still healthy". Investors Chronicle. 27 September 2016. Retrieved 16 April 2016.
  13. "Winterflood Securities selects BNY Mellon for clearing and custody". Global Custodian. 25 April 2016. Retrieved 16 March 2019.
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