Close Brothers Group - Disposal of Cayman Island business

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Slaughter and May is advising Close Brothers Group plc ('Close Brothers') on the sale of its Cayman Islands trust, fiduciary services, fund administration and banking business ('the business') to Intertrust Group Holding SA ('Intertrust'), which was announced on 21 March. The transaction values the business at USD 34,000,000 (approximately £20,900,000), subject to adjustment by reference to the net asset position of the business at the time of completion.

The disposal follows the group's recent announcement of the sale of its UK offshore business, and will further streamline the Asset Management division and increase focus on its core businesses. The sale is subject to regulatory approval and is expected to complete by the end of the current financial year.

Maples & Calder advised on Cayman Islands law.

Roland Turnill (partner), Chris Bulger (associate), Stuart Burnett (associate), David Holdaway (associate); Tax: Mike Lane (partner), Owen Williams (associate); Financial Regulation: Ruth Fox (partner), Ben Hammond (associate), Michael Raymond (associate); IP: David Ives (partner), Duncan Blaikie (associate); Pensions and Employment: Roland Doughty (partner)

Maples & Calder: Andreas Haug (partner), Nick Evans (partner), Martin Livingston (partner), Michael Johns (associate)