Bank to announce €10m IBI deal today
Bank of Ireland will announce the sale of IBI Corporate Finance to management today in a deal reportedly valued at €10m.
IBI's new-found independence comes as the sector is tipped for consolidation with speculation last month centring on a potential tie-up between Cantor Fitzgerald and Merrion Private.
It is understood IBI, which is headed by Tom Godfrey and Ted Webb, precipitated the buy-out discussions with Bank of Ireland.
While the firm is expected to continue to work closely with the lender, the MBO liberates the corporate finance house from the Government's bank pay cap.
IBI topped Meger Market's M&A adviser league table last year.
The firm, conceived in 1966, remains an adviser to a large swathe of listed and private corporations.
Its greatest coup in recent years was a role in the February 2016 merger of Paddy Power and Betfair, which created an €8bn online betting and gaming behemoth, headquartered in Ireland.
IBI's bolt for independence come ahead of the much-anticipated arrival on October 2 of Bank of Ireland's new CEO, the former HSBC executive, Fracnesca McDonagh.