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Close Brothers sells retail finance unit to Klarna Bank

Close Brothers Group said Friday it had sold its unsecured retail lending unit to Swedish payment solutions group Klarna Bank AB, for an undisclosed sum.

The business had a loan book of £66m at 31 July 2018.

The sale came as the group concluded that the business did not provide a long-term fit with its predominantly secured business model.

The sale was expected to complete in the current calendar year, subject to regulatory approval and other customary conditions, the company said. Story provided by