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Brexit Prompts Investec To Sell Ireland Wealth Arm
Tom Burroughes
10 May 2019
Investec (Ireland), part of the is paying a net consideration – after adjusting for surplus capital – of €44 million ($49.4 million). The transaction is subject to regulatory approval. Investec’s business had been acquired in 2012. Investec said its other domestic businesses are unaffected by the sale.
“To cater for the loss of banking passporting rights post-Brexit, Investec has established its other financial activities in Ireland in a MIFID subsidiary, Investec Europe, which is authorized by the Central Bank of Ireland,” Investec said in a statement.
“The Investec Wealth management business in the Republic of Ireland is independent of other wealth management businesses in the Investec Group and hence its sale will not impact the wealth management offering in other jurisdictions,” it said.
Investec was advised by Investec Ireland Corporate Finance.