Investec buys NCB

Investec, the international specialist bank and asset manager, has bought NCB, one of Ireland’s leading financial services groups, for €32.3m.

Investec announced the Sale and Purchase Agreement is subject to regulatory approval.

In Ireland, Investec provides treasury products to Irish corporates.

NCB is one of Ireland’s leading financial services groups with a significant presence in corporate finance, wealth management and capital markets.

Established by Dermot Desmond in the early 1980s the firm currently employs 120 people,

NCB has approximately €1.3bn of private client funds under management.

Michael Cullen, CEO of Investec Ireland, said: "We are delighted to have the opportunity to acquire NCB, a franchise that is long established and well regarded both domestically and internationally. The NCB business will complement our successful capital markets business in Ireland and is consistent with the Group’s overall objective to expand its fee based and capital light activities.

"The transaction will provide a strengthened and diversified offering to both sets of our clients, bolstering Investec’s capability to become one of Ireland’s leading specialist banking groups."

Conor O’Kelly, CEO, NCB said: "We are delighted to be combining forces with Investec. This is an excellent development for NCB and our clients. The deal will bring together two like-minded and innovative businesses whose operations are very complementary and whose combined experience and expertise will create real added value.

"We believe that Investec’s balance sheet strength and diversified product offering will resonate very well with existing and prospective clients. We look forward to working closely with our new colleagues in Investec to leverage the exciting potential we both envisage for our businesses."