Cenkos Securities dramatically withdrew from talks to buy Close Brothers on Tuesday, triggering angry exchanges between the upstart stockbroker and the blue-blooded investment bank it had hoped to acquire for more than £1.5bn ($3bn).

Cenkos and its partner, Landsbanki, the Icelandic bank, offered to pay £10.25 a share for the company, up from an initial 950p-a-share approach, which was made in November 2007.