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Arbuthnot Banking Group unit buys 2 mortgage portfolios

Arbuthnot Banking Group PLC unit Arbuthnot Latham & Co. Ltd. agreed to acquire two U.K. residential mortgage portfolios from Raphael Mortgages Ltd DAC and Magellan Funding No2 DAC.

Arbuthnot Latham will pay a cash consideration of roughly £258 million for the portfolios, subject to adjustment for the final loan balances at the deal's completion, which is expected to be Aug. 8. The cash amount will be sourced from the group's own resources.