IInternational specialist bank Investec has completed a deal to buy NCB stockbrokers after regulatory approval from the Central Bank.
The deal was first announced in January and is worth €32m.
Founded in the 1980s by Dermot Desmond, NCB is one of Ireland's leading financial services groups.
It has a presence in corporate finance, wealth management and capital markets and about €1.3 billion of private client funds under management. It employs about 120 people.
Investec, headquartered in South Africa, employs over 120 people in Dublin and employs 7,000 people in 14 countries.
"This transaction puts Investec in a very strong position to grow its market presence in Ireland. It is an excellent strategic fit for Investec, underscoring our robust position In Ireland and adding significant value to our clients,'' commented Michael Cullen, Investec Ireland's chief executive.
''Bringing a strong Irish firm like NCB into our international group will provide even greater access to international markets, bolstering Investec's capability to become one of Ireland's leading specialist banking groups," he added.
''This deal is a good news story for our clients, the firm and the financial services sector. We are delighted to be combining forces with Investec,'' said NCB's chief executive Conor O'Kelly.
''We believe that Investec's balance sheet strength and diversified product offering will resonate very well with our existing and prospective clients,'' he added.
