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UK's Arbuthnot warns of post-Brexit rate cut hit to bank margin
October 13, 2016 / 6:45 AM / a year ago

UK's Arbuthnot warns of post-Brexit rate cut hit to bank margin

(Reuters) - Arbuthnot Banking Group Plc warned on Thursday the net interest margin at its commercial banking unit would fall in the short term due to the Bank of England’s base rate cut following Britain’s vote to leave the European Union in June.

It said it had sped up plans to expand its commercial unit to cover the North West region, as disruptions at Britain’s larger banks, which are cutting costs and jobs, had led a number of experienced bankers to join the firm, which has its roots in 183-year-old private bank and wealth manager Arbuthnot Latham.

Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Alexander Smith

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