Close Brothers Group has bought the £94m invoice financing loan book of GMAC Commercial Finance for a maximum of £98m.
As part of the acquisition terms, the business will be integrated into Close Brothers’ existing invoice finance business by the end of the current financial year, 31 July 2010. 23 staff will transfer over from GMAC Commercial Finance to Close Brothers.
Stephen Hodges, managing director of Close Brothers. said: “We are delighted to announce this acquisition of a high quality loan book in one of our core commercial banking businesses which adds further scale to our invoice finance operations and allows us to leverage our market experience and funding strength to create value for our shareholders.’
