Bank of Ireland is reportedly in advanced discussions to acquire stockbroking and wealth management firm Davy.
According to The Irish Times, the deal may value more than €500m ($593.57m) including an additional amount of €80m.
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Currently, the two entities are working to finalise the terms of the transaction. However, both the entities declined to comment on the potential deal.
The development was first reported by local publication The Business Post.
Notably, Davy opened for divestment in March in a bid to recover from a scandal related to the 2014 bond deal. Since then, Bank of Ireland has been seen as a potential acquirer of the business.
Established in 1926, the Davy Group is one of the largest stockbrokers in Ireland. The company also provides wealth management, asset management and financial advisory services.
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By GlobalDataAccording to the company website, Davy has more than 700 employees and has offices in Dublin, Cork, Galway, Belfast, London and Luxembourg.
It has around €14bn+ of client assets under management.
In the recent years, Davy has focused on building wealth management and private clients business through a series of acquisitions.
In December last year, Davy Global Fund Management (DGFM), the management company business, acquired Luxembourg-based third-party fund management company Novacap Asset Management.
This was the company’s 11th purchase since 2012.
