Close Brothers’ £400m FCA fighting fund
27 March 2024
FTSE 250 merchant bank Close Brothers has launched a £400m capital plan to strengthen its balance sheet amid the FCA review into car finance.
Close Brothers has by far the most car finance exposure, with 22% of its gross loan book being car finance loans. Barclays, Lloyds and Santander are all well under 5%.
Analysts have estimated the probe could cost the banking industry up to £16bn.