Group agrees to sell stake in challenger bank
By Tom BelgerArbuthnot Banking Group has announced that its shareholders have approved the sale of shares in Secure Trust Bank
Last month, the group announced it was to sell around 5.8 million shares in the challenger bank as Secure Trust Bank looked to seek a move to a premium listing on the main market of the London Stock Exchange.
The board of Arbuthnot Banking Group has now confirmed it will sell six million ordinary shares at 40p each in Secure Trust Bank.
The sale represents a 33% stake in Secure Trust Bank.
Stifel Nicolaus Europe Limited is acting on the sale, while Canaccord Genuity Limited is Arbuthnot’s nominated adviser.
The sale is set to be completed today.
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