Investec to spend €32m on NCB in move away from traditional lending

Investec has agreed to buy Irish unlisted broker and wealth manager NCB for €32 million as part of the South African bank’s strategy to cut its reliance on traditional lending.

Investec, a €1.44 billion investment bank and fund manager, said it planned to pay for NCB in cash, although it could issue shares to help fund the deal.

Buying NCB will give Investec control of a firm with a presence in corporate finance, equities and fixed income. NCB also has €1.3bn in assets under management in its wealth business, an increasingly important focus for Investec. Quinn Financial Services Group has a 25% stake in NCB. There are around 60 other shareholders, mainly staff and former employees.