CBGPY
Close Brothers Group plc·Financial Services
12.72
0.000%(+0.00)
Market OpenLast Updated: — ET
52W L: $8.6152W H: $15.03
CBGPY NEWS
proactiveinvestors.co.uk
6d ago
Close Brothers restructuring savings expected to beat guidance
Close Brothers Group PLC (LSE:CBG) shares fell 1.5% to 452.9p despite the lender saying it expects cost savings and operating expenses to improve beyond previous guidance as restructuring measures accelerate. The merchant banking group said it now expects to exceed its target of about £25 million of annualised savings by the end of the 2026 financial year after bringing forward cost reduction measures, including outsourcing, offshoring and management simplification.
reuters.com
Apr 25
Close Brothers will not take legal action against Britain's car finance redress scheme, Sky News reports
Close Brothers have decided not to launch a legal challenge against the UK financial regulator's 9.1 billion pound($12.31 billion) compensation scheme for consumers who were allegedly mis-sold car finance, Sky News reported on Saturday.
proactiveinvestors.co.uk
Apr 8
Close Brothers expects £320m hit from new FCA motor finance scheme
Close Brothers Group PLC (LSE:CBG) said it expects to face costs of about £320 million from the UK motor finance redress scheme. The merchant banking group said the estimate compares with an existing provision of £294 million set aside as of January and reflects the Financial Conduct Authority's policy statement last week on compensating customers for historic commission arrangements on car loans.
reuters.com
Apr 8
Britain's Close Brothers flags $430 million motor finance cost
Britain's Close Brothers on Wednesday disclosed a potential 320 million pound ($429.50 million) cost related to a motor finance mis-selling scandal, broadly similar to the specialist lender's existing provision.
proactiveinvestors.co.uk
Mar 26
UBS upgrades Close Brothers to buy with 555p target as motor redress fears seen overdone
Close Brothers Group PLC (LSE:CBG), the UK specialist lender, has been upgraded to 'buy' from 'neutral' by UBS, which argues the stock's near-40% decline year-to-date has created a compelling entry point that materially undervalues the group's recovery prospects. UBS retained its 555p price target, implying more than 40% upside to the current 383p share price.
proactiveinvestors.co.uk
Mar 20
Close Brothers upgraded to buy as broker calls Viceroy sell-off overdone
Shore Capital sets 490p target price, implying 42% upside, as it argues short-seller's motor finance redress scenarios are materially exaggerated Shares in Close Brothers Group PLC (LSE:CBG), the FTSE 250 specialist lender, have fallen sharply after a critical report from Viceroy Research argued the company had understated its liabilities from motor finance commission arrangements, but Shore Capital has responded by upgrading the stock to 'buy', arguing the selloff has gone too far. Close Brothers' management has firmly rejected Viceroy's claims, saying the analysis rests on exaggerated and unfounded assumptions, and Shore sided with that view, cutting its target price to 490p from 510p while concluding that the shares now more than compensate investors for any residual regulatory uncertainty.
