Close Brothers to sell Channel Islands business
The private banking, fund management and fund administration businesses of Close Brothers in Jersey and Guernsey are to be sold.
The business, valued at £30-35 million, will be sold by Deloitte. The move follows the sale of the bank's corporate advisory unit to Daiwa in 2009, and speculation that another offshoot, Winterflood, was also up for sale. The property fund management division of the business has also been sold.