Investec Group is looking to sell its Irish unit, with Allied Irish Banks Plc among a number of possible buyers, the Irish Independent reported Feb. 3, without citing specific sources.
A sale process is reportedly underway for the deal, which is partly prompted by Brexit as the Irish arm has been operating as a subsidiary of U.K.-based Investec Plc, which could be unsustainable should Britain lose its access to the single market, the report noted.
In November 2016, Investec CEO Stephen Koseff said the Irish arm would acquire more firms to build scale in the country, the report said, adding that Investec Ireland offers private banking, investment banking and capital markets but that unlike its parent, it never entered the Irish mortgage and retail markets.
Investec is listed in London as Investec Plc and in South Africa as Investec Ltd.
