Wednesday 12 December 2018

Investec staff told any decision to sell Irish arm will be discussed with them prior to announcement

Investec (stock photo)
Investec (stock photo)
Donal O'Donovan

Donal O'Donovan

Staff at Investec have been told any decision to sell the Irish business will be discussed with them prior to being announced.

Management at the specialist bank have informed employees that recent media reports its Irish division is set to be sold are speculative.

Last week, Independent.ie revealed that that the group is exploring a sale of its Irish arm, with AIB among a number of interested parties.

It is understood that a sale process is underway, prompted in part by costs related to Brexit.  Investec Ireland has been operated as a subsidiary of the group's bigger UK arm.

Employees at the bank were reassured this week that the Irish business has been performing well, and that this would naturally attract potential buyers.

Management said that any decision to sell would be discussed with staff prior to media release.

Investec Ireland is led by long-time chief executive Michael Cullen and is involved in private banking, capital markets and investment banking.

While its UK parent has invested in Irish mortgages, the brand never entered the retail market in this country.

Investec has been in the Irish market since 2000, but gained significant scale when it took over the former NCB Stockbrokers in 2012.

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