The announcement follows the release of Close Brothers' preliminary results for the year ended 31^st July 2017.

Banking delivered an adjusted operating profit of £243.5m, up 9% on the previous year, with stable net interest margin and continued low impairments.

The reported increase in banking profit was said to be driven by property finance, with operating profit growth of 24%.

Adjusted operating profit in commercial finance increased by 4%, while retail finance stayed broadly flat.

Close Brothers' loan book also grew by 7% to £6.9bn.

“I am pleased to report another good performance for the group in the 2017 financial year, with increased profits across all three divisions,” said Preben Prebensen, chief executive at Close Brother's group (pictured above).

“In an evolving market environment, we remain committed to our established business model, which relies on the expertise of our people to deliver consistently high levels of service, building deep and sustainable relationships with clients and intermediaries.

“As a business, we remain well positioned longer term, focusing on protecting our margins and underwriting discipline, improving our model through continued investment and extending into new products and markets.

“All of this ensures we can continue to support our clients and drive long-term value for our shareholders through all stages of the financial cycle."