The owners of stockbroker Goodbody have agreed a deal to sell the company to Bank of China.

It is understood the Chinese buyer will pay around €150 million for the firm, provided competition and regulatory approval is received.

However, this figure could climb further in the future if certain performance targets are hit over the next three years.

The entire management team has agreed to remain at Goodbody and it is understood that as part of the deal an incentive scheme has been put in place in order to ensure retention.

There will be no redundancies among the broker's 310 staff and sources indicated that it is likely the number it employs will grow as a result of the transaction.

Notification of the proposed takeover has been published on the CCPC website and states that Bank of China (UK) Ltd plans to take sole control of Goodbody parent, GANMAC Holdings (BVI) Ltd.

Bank of China (UK) Ltd is a wholly owned subsidiary of Bank of China Limited, the fourth largest bank in the world by assets.

The CCPC notification describes it as a full service bank offering retail, corporate and trade finance services in the UK.

It also has a Dublin branch focused on corporate services as well as an aviation leasing operation here.

Bank of China has emerged as the winner following a competitive process in which its reported rival stockbroker Davy and Irish Life also competed.

The planned sale of Goodbody to another Chinese consortium, led by Zhong Ze Investments, fell through in January.

Goodbody is 49% owned by its management team, while Kerry based Fexco owns the remaining 51%.

Goodbody is the country's oldest stockbroking firm and has been offering services for 140 years.

It is currently active in wealth management, investment fund management, investment banking and asset management.

According to the CCPC notification, submissions on the proposed takeover must be received by December 3rd.

If approval is received from the CCPC and the Central Bank, it is expected that the deal could close by the middle of next year.

Bank of China is thought to have targeted Goodbody in order to get a foothold in the European capital markets and wealth management business.

Ireland was strategically chosen over the UK as the preferred location because it will remain part of the EU after Brexit.

Bank of China UK is regulated by the Financial Conduct Authority in the UK, but Goodbody will continue to be regulated by the Central Bank of Ireland following the takeover.