Thursday May 8, 08:12 AM
Close Bros says Q3 performance resilient; outlook broadly as at end H1
LONDON (Thomson Financial) - Close Brothers Group Plc. said its performance for the quarter from Feb 1 to April 30, 2008, continues to be 'resilient' and the outlook broadly remains as it was at the end of the first half.
The UK investment bank said in the banking division there has been no 'significant' rise in bad debts over the quarter, adding that it expects a solid second-half performance from the division.
The company said the market conditions remained testing for its asset management division and that these conditions will continue to affect performance in the securities and corporate finance divisions.
In Germany, the market environment has deteriorated for Seydler and the company does not foresee any improvement in the current financial year, it added.
Separately, Close Brothers said group development director, David Pusinelli, will step down from the board at the end of June and will leave the group on July 31.
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