The well-known adviser on corporate dealmaking, IBI Corporate Finance has confirmed its top managers have completed a buyout from Bank of Ireland.
Chief executive Tom Godfrey and managing director Ted Webb have led the buyout from Bank of Ireland, but have not disclosed the official terms.
Bank of Ireland said, however, it will maintain close links with the advisory firm. As an independent company, IBI may have more room to expand and hire senior staff without the pay ceiling constraints facing banks after the financial crisis.
The transaction comes as Bank of Ireland chief executive Richie Boucher prepares to leave the bank in just over a week. The bank is 14% owned by the Government.
IBI has worked as an adviser on the €340m sale by Glanbia of 60% of Dairy Ireland, the branded consumer dairy and agribusiness business, to Glanbia Co-Operative Society.
It was also involved in the sales by One51 Group of its environmental services businesses in Ireland and the UK.
IBI’s Mr Godfrey said Bank of Ireland “will maintain a strong working relationship with IBI into the future”.
“This development will see our senior team manage the future strategic direction of the company and continue to strengthen our position as the leading adviser in the corporate finance market,” he said.
Michael Torpey, who is chief executive of the corporate and treasury division at Bank of Ireland said: “For the future, the bank looks forward to being a client of IBI as it progresses through the next phase of its development.”
© Irish Examiner Ltd. All rights reserved