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.

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