Close Brothers Sells Wealth Unit to Oaktree to Bolster Capital.

Close Brothers Group Plc has agreed to sell its wealth unit to Oaktree Capital Management for up to £200 million ($265 million) in order to strengthen its balance sheet amid a regulatory review of its motor finance practices. The deal is expected to be completed in early 2025 after receiving regulatory approvals. Close Brothers is among lenders awaiting the outcome of an investigation by the Financial Conduct Authority into allegations of unfair pricing of car loans. The sale is expected to increase the group's common equity tier 1 capital ratio by approximately 100 basis points. [Extracted from the article]