Arbuthnot Latham has completed its acquisition of Renaissance Asset Finance after securing regulatory approval.

First reported at the end of December 2016, Arbuthnot paid the consideration in four stages in cash from its current resources, with the first paid at completion and equal to RAF’s net assets at the time. As of 30th November 2016, RAF had customer assets of £68m (€80.6m) and net assets of £1.6m.

The group also said that the remaining three amounts will be made annually based on RAF’s profitability, and will be limited to £6.5m each.

According to the bank, Arbuthnot Latham has also given an inter-company loan of £57m to refinance Renaissance’s existing finance liabilities. This and the consideration will be funded from Arbuthnot Banking’s current cash resources.

“I am delighted that Arbuthnot Latham, with the support of ABG can further develop its expansion and diversification plans. The acquisition of Renaissance will fit well alongside our growing Private and Commercial banking units and I welcome the team from Renaissance into the group. I look forward to working with them in the future,” said Arbuthnot Latham chief executive officer Ian Henderson.