The proposed sale of Goodbody Stockbrokers to the Bank of China (UK) Limited has been cleared by the Competition and Consumer Protection Commission in a deal said to be worth around €150m. 

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

Under the terms of the deal, 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.

Last month, Bank of China emerged as the winner following a competitive process in which it was reported that 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.

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 here following the takeover.