DC Advisory, the corporate finance arm of Daiwa Securities Group, has bought Dublin-based corporate finance adviser IBI Corporate Finance as Japan's second-largest brokerage and investment bank aims to boost its advisory business globally.
Daiwa did not disclose the value of the deal, but the Nikkei business daily estimated it at more €10m.
The acquisition of IBI is part of Daiwa's plan to increase global merger and acquisition (M&A) revenue by 50% to at least 70 billion yen ($465.4m) in eight years.
IBI was established in 1966 and has workforce of 28. It was originally a joint venture between Bank of Ireland, Morgan Grenfell and Schroders and latterly as a wholly-owned subsidiary of Bank of Ireland.
The IBI senior management team bought out the business from Bank of Ireland in 2017.
Daiwa now has nearly 700 M&A bankers in 23 locations.
Tom Godfrey, CEO of IBI Corporate Finance / DC Advisory Ireland, said that since its inception nearly 60 years ago, IBI has been the pre-eminent investment banking advisory business in the Irish market.
"The leadership team has been focused on opportunities to grow our business in partnership with a truly international adviser that shares our values in terms of excellence, integrity and commitment to our clients. A genuinely integrated international platform is hard to find, but essential to make a difference for our clients," he said.
"In DC Advisory, we've found a truly global team with genuine depth of expertise. We’re united in values and our approach to delivering the right advice, domestically and internationally," he added.
Richard Madden, DC Advisory UK CEO, said the company was delighted that IBI has decided to join DC Advisory, adding that it has gained a team that it genuinely cannot wait to work with.
"IBI has a unique reputation in the market, and we look forward to complementing their talent and relationships with our sector expertise and international reach. Ireland is a really exciting market and we believe the combination will make a real difference for our clients in Ireland and across the globe," he added.
