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CAPE TOWN – In light of changes in its Irish business model brought about by Brexit planning and as part of consolidation taking place in Wealth management in Ireland, Investec (Ireland) announced on Friday that it had sold its Republic of Ireland Wealth management business to Brewin Dolphin, subject to regulatory approval.

Net Consideration for the transaction after adjusting for surplus capital is €44 million (R703m).

The Wealth management business was acquired by Investec as part of its acquisition of NCB in 2012 and has grown significantly since then.

Investec’s 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.

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.