independent

Wednesday 16 April 2014

Investec dumps NCB name in major revamp of staff and HQ

NCB Stockbrokers has been formally renamed Investec, a year after being taken over by the South African financial services group.

In a major reorganisation, Investec is moving 120 staff from the old NCB unit in the IFSC to its 4,000sqm offices in the Harcourt Building on Harcourt Street in Dublin.

Staff will move over the next two months. In addition, Investec is moving 10 staff from London to Dublin to strengthen its corporate lending operation here, the company said.

Including NCB staff and the new London moves, Investec has 230 specialist staff in Ireland as well as support staff.

Investec has been on the acquisition trail in Ireland and in the UK in recent years as it seeks to diversify out of its home market in South Africa.

Brokerage

The bank is now a significant player here as a specialist business bank providing financing and currency services, wealth manager and brokerage.

The decision to pull the plug on the NCB brand ends a more than 30-year history for the firm. NCB was set up as an independent stockbroking house in 1981 by Dermot Desmond.

He sold the business to Ulster Bank in 1994. The bank in turn sold NCB back to management in a 2003 buyout that was backed again by Mr Desmond.

He later sold his 25pc stake to Sean Quinn, and last year creditors who took control of Quinn Group sold the stake to Investec as part of the €32m takeover offer for the entire business.

Investec is the main tenant in the Harcourt Building, which was sold earlier this year for €31m in a sign of the gradual renewal of interest in Irish commercial property.

Irish Independent

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