Close Brothers Adds £135 Million to Car Finance Provisions

Close Brothers Group Plc is joining a chorus of rivals planning to challenge the UK’s new program for compensating customers who were missold car loans, even as it set aside another £135 million ($180 million) in provisions tied to the matter.

With the additional funds, the total provisions linked to the saga have reached £300 million, the lender said in a statement on Tuesday. The company remains confident in its capital strength.