NCB renamed Investec after buy-out

The Dublin-based stockbroking firm NCB has been renamed as Investec following its acquisition one year ago.

The merger will see NCB’s 120 staff move from its current location in the IFSC to Investec’s base on Harcourt St in Dublin 2.

Investec employs 100, but a further 10 will move from its London office to bolster its corporate lending business in Ireland.

Michael Cullen, CEO of Investec in Ireland, said the announcement is “a logical stage in the integration of both businesses and marks a new stage in the life of Investec which has had a presence in Ireland since 2000”.

“This unified brand is a hugely positive step for all our clients, demonstrating our commitment to growing our financial services business in Ireland.

“In addition to being stronger together, we are offering our clients an unparalleled and broader range of services. As well as having a really strong team in Dublin, being part of the wider Investec Group enables us to bring added value to our clients and the Irish market by leveraging Investec’s network of 8,000 staff across 14 countries worldwide.”

Investec has been in Ireland for the past 13 years and has operations across private banking, wealth management, and investment banking.

NCB, which was founded by the financier Dermot Desmond, has operations in capital markets, corporate finance, wealth management, and roughly €1.8bn of private client funds under management.

To accommodate the enlarged workforce, Investec has taken an additional two floors at the Harcourt Building, bringing their total office space to the top four floors, across 4,000sq m, Investec said in a statement.

There has been a considerable amount of consolidation in the financial services over the past few years.

Fexco has taken over Goodbody Stockbrokers, Cantor Fitzgerald has taken over Dolmen, and Bloxham went into liquidation last June. Just over 10 years ago there were 16 domestic stockbroking firms.