Close Brothers Rise 17% on £320m Redress

Close Brothers Group shares surged over 17% after announcing FCA motor‑finance redress cost estimate of about £320 million, in line with provisions.
The £320 million cost would cut CET1 ratio by ~25 basis points to 14.0% pro‑forma as of 31 Jan 2026, still above its 12‑13% target.
Approximately 720,000 motor‑finance loans (640k DCA, 80k non‑DCA) qualify, with average £500 payment per customer and delivery costs of £66 million.
Delivery costs exclude £14 million already incurred; scheme runs summer 2026 to end‑2027, with provision under review.