THE €24 million sale of Allied Irish Bank’s stockbroking unit, Goodbody Holdings Ltd, is expected to be completed in the coming weeks after the Central Bank approved the transaction.

FEXCO is to purchase AIB’s stockbroking arm, Goodbody, for €24 million in an intricate deal which will see senior management at the brokerage get a 25% stake in the firm and as many as 55 staff lose their jobs.

One of Ireland’s richest men has stepped down from his flagship business and been fined a record €3.5m by the state’s financial watchdog, it was revealed today.

THE stockbroking arm of financial services/payment solutions group Fexco has been fined €80,000 by the Financial Regulator for a number of breaches of the Stock Exchange Act, relating to the administration of customer money.