JSE-listed Investec in Irish acquisition

30 January 2012

South African banking and asset management group Investec’s Irish arm is to acquire NCB Group, an Irish financial services provider specialising in wealth management, corporate finance, capital markets, venture capital and investment funds, for about €32-million.

NCB is one of Ireland’s leading financial services groups, and employs 120 people at its Dublin headquarters, from where it services a client base of high net-worth individuals, Irish and international corporate customers and institutional investors.

“The deal will bring together to like-minded and innovative businesses whose operations are very complementary and whose combined experience and expertise will create real added value,” NCB chief executive Connor O’Kelly said in a statement this week.

“We believe that Investec’s balance sheet strength and diversified product offering will resonate very well with existing and prospective clients.”

Since setting up in Ireland in 2000, Investec Ireland has built up a successful capital markets business and has become a leading provider of treasury products to Irish corporates and is a market leader in the personal deposit market.

Internationally, Investec Ireland has a significant business in the structured equities arena. The company currently employs over 110 people in Ireland.

According to the statement, the combined business created by the deal will deliver a more diversified product and service offering, broader international access and enhanced financial strength for the existing clients of NCB.

Investec Ireland CEO Michael Cullen said that NCB was 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,” he said.

“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.”

SAinfo reporter

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