Investec said that the Sale and Purchase Agreement would be subject to regulatory approval.
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Investec’s CEO for Ireland, Michael Cullen, said that the deal would complement its existing capital markets operations in Ireland and help it further expand into fee-based businesses.
Investec has been making acquisitions in wealth management and other fee-generating businesses, to offset slack demand for credit and as tougher regulations tie up more capital.
In 2011, Investec had acquired mid-sized British investment bank Evolution Group for 233 million pounds.
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