Finance
Close Brothers Sees £165 Million Provision for Car-Loan Saga
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Close Brothers Group Plc said it plans to set aside a first-half provision of £165 million ($205 million) for possible compensation and other costs related to a regulatory probe and a court case tied to its auto lending business.
The estimate is the outcome of a “thorough assessment, representing the group’s current evaluation based on available information and recent developments,” the company said in a statement on Wednesday. Due to significant uncertainty surrounding the outcome from appeals and the ongoing review, “the ultimate cost to the group could be materially higher or lower,” it added.