AIB said today that it has completed the acquisition of Goodbody Stockbrokers after the deal received all regulatory approvals.
The deal to buy Goodbody from its existing shareholders for an enterprise value of about €82m was first announced in March.
AIB said the acquisition of Goodbody is a "critical advancement" in its strategy to provide enhanced customer offerings, particularly in capital markets, corporate finance and wealth management.
Goodbody will remain a separately regulated entity and will form part of AIB Capital Markets.
Colin Hunt, AIB's chief executive, said the acquisition of an established, leading stockbroker enables the bank to fill gaps in its overall offering.
"AIB will combine Goodbody's expertise with its own existing experience and resources to broaden our range of financial options for customers while also diversifying the Group’s revenue streams," Colin Hunt said.
"Now that the transaction is complete, AIB and Goodbody will work together to accelerate the growth of the combined business," he added.
Goodbody also said that Martin Tormey has been appointed as chief executive to replace Roy Barrett, who announced in March that he would be stepping down.
Mr Tormey has been with Goodbody for the past 25 years and has worked in a variety of senior roles across the business over the period.
He will report into Cathy Bryce, Managing Director of Capital Markets in AIB Group.
"Martin brings a wealth of experience to this role and has a strong track record in growing businesses and in strategic development," said Goodbody Chairman Michael Somers.
"This is an exciting time for Goodbody – the firm's new ownership structure strengthens, diversifies and accelerates the growth trajectory of the Goodbody business and it will benefit from AIB’s experience, know-how and substantial resources.
Mr Tormey has been a member of the Goodbody Senior Management Team since 2014.
Previously he was Head of Equity Trading in Goodbody Investment Banking for 13 years.
