Close Brothers to Sell UK Market Maker Winterflood to Marex

Close Brothers Group Plc has agreed to sell execution services and securities business Winterflood Securities to Marex Group Plc, as the lender pares back its footprint ahead of a court verdict over possible compensation it needs to pay in a regulatory probe into car loans.

Marex will pay around £103.9 million ($140 million) in cash, according to a statement Friday. The acquisition will bolster their existing equity market making business. The deal is expected to boost Close Brothers CET1 ratio, a measure of capital strength, by about 30 basis points to about 14.3%, the company said.