The planned takeover of stockbroker Goodbody by the Bank of China has fallen through.

In a statement, Goodbody said the bank has informed it that due to the unprecedented global impacts and uncertainty caused by Covid-19 it is not in a position to complete its proposed acquisition at this time.

"As a result the proposed transaction has been terminated," it said.

The proposed €150m deal was announced in November of last year subject to the necessary regulatory approvals.

Goodbody said the process to complete the sale had been ongoing in recent months.

In December it was cleared by the Competition and Consumer Protection Commission.

"Goodbody's balance sheet was substantially strengthened following the sale of the company's stake in the Irish Stock Exchange in 2018 and the company retains significant financial capacity to drive its growth strategy forward," the company said.

Last November, Bank of China emerged as the winner of the competitive process in which it was 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 of last year.

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

Under the terms the entire management team had agreed to remain at Goodbody and an incentive scheme was to be put in place in order to ensure retention. 

There was also to be no redundancies among the broker's 310 staff.

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.

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