In its preliminary results for the year ended 31^st July 2018, the group stated that the new deposit platform would enable it to provide a wider range of retail deposit products and an online offering, while further improving the customer experience.

It also revealed it was continuing to explore the market opportunity for asset finance and other services in the German market, albeit it remaining at an early stage.

The group reported a 6.6% growth in its loan book on an underlying basis to £7.3bn and, in terms of banking, the group achieved a 2% growth in adjusted operating profit to £251.8m, up from £247.4m in 2017.

It believed that this increase was driven by commercial, with adjusted operating profit growth of 5% and property up 3%, while adjusted operating profit in retail was down 2%.

The group’s asset management delivered a 33% increase in adjusted operating profit to £23.1m.

“I am pleased to report another good performance in the 2018 financial year, achieving both continued strong profitability and significant strategic progress,” said Preben Prebensen, chief executive at Close Brothers Group (pictured above).

“All of our businesses have continued to successfully navigate and make the most of current trading conditions, while continuing to focus on maximising opportunities in future years.

 “All of this ensures we can continue to support our customers and clients, and deliver value for our shareholders, through all stages of the financial cycle.”

Earlier in September, Close Brothers Group announced the sale of its retail point of sale finance business to Klarna Bank AB