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Close Brothers Group plc
CBGPYFinancial ServicesOTCGB
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Close Brothers Group PLC (LSE:CBG) shares fell 1.5% to 452.9p despite the lender saying it expects cost savings and operating expenses to improve beyond previous guidance as restructuring measures accelerate. The merchant banking group said it now expects to exceed its target of about £25 million of annualised savings by the end of the 2026 financial year after bringing forward cost reduction measures, including outsourcing, offshoring and management simplification.
Close Brothers have decided not to launch a legal challenge against the UK financial regulator's 9.1 billion pound($12.31 billion) compensation scheme for consumers who were allegedly mis-sold car finance, Sky News reported on Saturday.
Close Brothers Group PLC (LSE:CBG) said it expects to face costs of about £320 million from the UK motor finance redress scheme. The merchant banking group said the estimate compares with an existing provision of £294 million set aside as of January and reflects the Financial Conduct Authority's policy statement last week on compensating customers for historic commission arrangements on car loans.
Britain's Close Brothers on Wednesday disclosed a potential 320 million pound ($429.50 million) cost related to a motor finance mis-selling scandal, broadly similar to the specialist lender's existing provision.
Close Brothers Group PLC (LSE:CBG), the UK specialist lender, has been upgraded to 'buy' from 'neutral' by UBS, which argues the stock's near-40% decline year-to-date has created a compelling entry point that materially undervalues the group's recovery prospects. UBS retained its 555p price target, implying more than 40% upside to the current 383p share price.
Shore Capital sets 490p target price, implying 42% upside, as it argues short-seller's motor finance redress scenarios are materially exaggerated Shares in Close Brothers Group PLC (LSE:CBG), the FTSE 250 specialist lender, have fallen sharply after a critical report from Viceroy Research argued the company had understated its liabilities from motor finance commission arrangements, but Shore Capital has responded by upgrading the stock to 'buy', arguing the selloff has gone too far. Close Brothers' management has firmly rejected Viceroy's claims, saying the analysis rests on exaggerated and unfounded assumptions, and Shore sided with that view, cutting its target price to 490p from 510p while concluding that the shares now more than compensate investors for any residual regulatory uncertainty.
Close Brothers Group plc (CBGPY) Q2 2026 Earnings Call Transcript
Close Brothers Group PLC (LSE:CBG) reported a narrower loss in the first half of its financial year as cost discipline and improving credit quality offset the continued drag from the motor finance commission scandal, while the group accelerated its cost-cutting programme. The specialist lender's adjusted operating profit fell 19% to £65.2 million for the six months to 31 January 2026, as a smaller loan book weighed on income.
British lender Close Brothers said on Tuesday it expects to cut 600 roles by fiscal 2027 as part of its ongoing cost-reduction efforts, citing rising costs linked to the motor finance mis-selling issue.
Close Brothers' shares tumbled 15% on Monday after short seller Viceroy Research posted a report on its website saying it was short the British financial services firm.
