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Singer & Friedlander sells motor finance arm to Close

Close Brothers Group has bought a substantial proportion of Singer & Friedlander Finance (S&F).

The assets being acquired are loan agreements for the purchase of predominantly used cars. Close has paid £131 million.

The purchase will be made by Close Brothers' banking subsidiary, Close Brothers Limited, and will be funded from the bank's existing resources.

Completion is expected tomorrow.

Commenting on the acquisition, Stephen Hodges, chairman of Close Brothers Limited says: "Close Motor Finance is well placed to collect out these loans profitably. This acquisition will result in Singer & Friedlander's exit from the consumer motor finance market and give us access to a number of independent motor dealers, from whom further car loan finance opportunities may be forthcoming."

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