Investec completes NCB takeover
Investec, the international specialist bank and asset manager, has announced it has completed the acquisition of brokerage firm NCB, following regulatory approval from the Central Bank.
The deal, estimated at €32 million, was [announced](http://www.businesspost.ie/#!story/Markets/Markets+News/NCB+to+be+sold+to+Investec/id/19410615-5218-4f22-67e1-2b2399304295) in January.
Taoiseach, Enda Kenny is to meet with senior Investec executives from Ireland, South Africa and Britain to discuss the deal and Investec’s commitment to growing and developing its financial services business in Ireland.
Having bought Gandon Capital markets 12 years ago, Investec has established a domestic treasury business in addition to its International activities.
The company is quoted on the Johannesburg and London stock exchanges.
Bernard Kantor, Managing Director, Investec Group, said the deal was a signal to the market of Investec’s commitment to growing its business in Ireland.
"The NCB business will complement our successful Irish capital markets business and is consistent with the Group’s overall objective to expand its fee based and capital light activities.”
Founded in the 1980’s, NCB operates in corporate finance, wealth management and capital markets and has €1.3 billion of private client funds under management.
Together, Investec Ireland and NCB employ more than 240 specialists between them.
Conor O’Kelly, CEO, NCB, said: "We believe that Investec's balance sheet strength and diversified product offering will resonate very well with our existing and prospective clients and we look forward to working closely with our new colleagues in Investec to leverage the exciting potential that this deal brings."
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