(Bloomberg) -- Two of London’s boutique banking institutions won’t merge after all. 

FinnCap Group Plc and Panmure Gordon said on Thursday they have ended talks about a potential combination.

London-listed finnCap announced in October that it had received a non-binding proposal from Panmure, which is owned by former Barclays Plc boss Bob Diamond. 

“However, following further discussions and in light of each company’s strengths as independent entities, each board has concluded that it is not possible to find mutually acceptable terms or structure for such a combination,” finnCap said in a statement.

The broker plans to put out its interim earnings in mid-December. FinnCap works chiefly with small-cap companies on capital-raising, takeovers and other investment banking services. Sam Smith, its longstanding CEO, stepped down in September. 

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