Leading Davy shareholders to gain €185m as Bank of Ireland buys bulk of scandal-ridden firm

BoI — which is 14% owned by the Government — will buy Davy's wealth management business and capital markets division

Ireland’s largest stockbroker was hit with a record fine of €4.1m in March for failing to supervise a consortium of its employees in their dealings in the sale of Anglo Irish bonds. File photo: Sasko Lazarov/RollingNews

A group of five leading shareholders who once held senior positions at Davy are set to reap a combined €185m under a deal that involves Bank of Ireland buying most of the scandal-ridden broker.

Ireland’s largest stockbroker was plunged into crisis in early March when the Central Bank slapped it with a record €4.1m fine after a multi-year investigation found Davy failed to supervise a consortium of 16 of its own employees in their dealings in the sale of Anglo Irish bonds for a client, in late 2014.