The sale follows Close Brothers last week offloading its Channel Islands and Isle of Man businesses to Kleinwort Benson, the UK wealth manager and private bank, for £29.1m.
The sales follow London-listed Close embarking on a strategy of focusing on its UK investment businesses.
Preben Prebensen, chief executive of Close Brothers, said: “The sale of the Cayman business further supports the transformation of the asset management division, where we are committed to developing and growing our UK based wealth and asset management business.”
Close owned 85% of the Cayman Islands trust, fiduciary services and fund administration business and 100% of the banking business and was selling its full holding in both. The company expects to receive £18.1m cash from the sale and would record a loss “of approximately £0.4 million including the costs of sale,” it said in a statement.
The statement added: “The transaction will have a small dilutive impact on the group’s earnings in the financial year to 31 July 2012, but is not expected to have a material effect on the group’s funding or capital position.”
Dutch-owned Intertrust Group is a global trust and fiduciary business offering corporate and private wealth services across a wide range of areas and has offices in more than 20 countries.
