Such a move would give the acquirer a foothold in a European Union member state after Brexit.
UK-listed Brewin Dolphin is in talks to buy Investec’s wealth management business in Ireland, Reuters reported. Such a move would give the acquirer a foothold in a European Union member state after Brexit.
Today, the firm issued the following statement: "Brewin Dolphin notes the recent press speculation regarding its interest in acquiring Investec's wealth management business in the Republic of Ireland. Brewin Dolphin is in exclusive discussions with Investec in relation to this possible acquisition. Discussions are ongoing and there can be no certainty that a transaction will be agreed."
The Sunday Times reported that Brewin Dolphin is competing with Allied Irish Banks to buy Investec’s private client stockbroking business, with a price of up to €60 million ($68 million).
The ST also said that London-based Rathbones is also interested in the business. AIB and Rathbones declined to comment, while Investec did not respond to a request for comment, Reuters added.