UK-based Close Brothershas terminated a unit set up in 2000 to develop corporate finance, advisory and investment banking activities in the Gulf. It is understood that leading members of the unit, which went under the name of Close Brothers International, are seeking to raise finance for a new independent venture to carry on these activities.
Close Brothers confirmed on 28 August that the offices of Close Brothers International, in London and Bahrain, have been shut down. The company gave no reason for the decision.
The unit was headed by Colin Craig, who was previously head of the Middle East division of Flemings, and before that was a director of Schroder Asseily. Craig and a number of colleagues moved over to Close Brothers following the takeover of Flemings by Chase Manhattan Bank(MEED 18:8:00).
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