Bank of Ireland is reportedly planning to make acquisitions in wealth management, a business where it previously sought to grow organically.

Francesca McDonagh and Myles O’Grady, the lender’s CEO and CFO, respectively, revealed the plan to banking analysts.

The bank is currently looking for acquisition targets but is not weighing any bid for Goodbody Stockbrokers, reported The Times.

Goodbody has secured various approaches after the plans of sale to Bank of China collapsed.

Bank of Ireland is not interested in Goodbody’s capital markets arm. However, its private clients business could be of interest, according to the report.

Diarmaid Sheridan of stockbroker Davy said that Bank of Ireland has been “very organic on wealth and insurance to date.

“If opportunities were to arise, these would be assessed on a case-by-case basis,” he added.

Meanwhile, AIB has expressed an interest in Goodbody while its CEO Colin Hunt said that the bank is “aware of gaps” in its wealth management proposition.

However, he did not offer any solution for addressing the loopholes.

Bank of Ireland developments

In July this year, Bank of Ireland UK announced that its new polymer £20 banknote will go into circulation from 20 July.

In May 2020, Bank of Ireland launched a new carers’ debit card that allows caretakers to pay for essential goods on behalf of vulnerable and isolated customers amid the pandemic.

In March, Bank of Ireland decided to temporarily close 101 branches due to the Covid-19 pandemic.

The closures represent nearly 40% of the bank’s branch network.