AIB has agreed to sell its stockbroking business Goodbody to Kerry-based Fexco for around €24m in cash.
The deal is subject to approval by regulators. Fexco, which has its headquarters in Killorglin, was founded in 1981 and employs almost 1,400 people. It is involved in payment services and outsourcing, and also has its own stockbroking business.
AIB said the agreement contained a provision for additional payments to the bank if the business is sold again within a three-year period for a higher price.
The bank also said the impact of the sale on its capital position was 'not material'.
