July 17, 2018 / 6:31 AM / 2 months ago

Arbuthnot Banking's first-half profit rises, to set up secured lending business

(Reuters) - Britain’s Arbuthnot Banking Group Plc (ARBB.L) reported a jump in first-half pretax profit and said it would set up a specialist secured lending unit to provide short-term secured loans to property businesses and entrepreneurs.

Arbuthnot, which has its roots in 185-year-old private and commercial bank and wealth manager Arbuthnot Latham, said pretax profit increased to 3.5 million pounds ($4.6 million) from 2.5 million pounds a year earlier.

“In line with our diversification strategy we have also reached an agreement with an incoming management team to establish a new lending division that will be named Arbuthnot Specialist Lending,” Chairman Henry Angest said.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri

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