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Close Brothers Full-Year Profit Falls 78% on Restructuring Costs

Sept. 27 (Bloomberg) -- Close Brothers Group Plc, the British investment bank founded in 1878, said profit for the year declined 78 percent as it sold its U.K. offshore and Cayman Islands units.

Full-year net income fell to 14.6 million pounds ($22.8 million) from 65.9 million pounds in the year-earlier period, the London-based lender said in a statement today. It posted an exceptional charge of 46.9 million pounds and a loss from discontinued operations of 28.1 million pounds.

Close Brothers is restructuring its asset management business and sold the U.K. offshore and Cayman Islands operations to focus on its banking, securities and asset management divisions. Adjusted operating profit at the banking unit climbed 34 percent in the period.

“Economic and market conditions are uncertain, but we have a strong financial position, continue to see good prospects for our businesses, and are well placed to continue delivering solid results,” the bank said in the statement.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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