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SALE UPDATE

Completion of sale to Bank of Ireland

  

Completion of sale to Bank of Ireland

We are very pleased to announce the completion of the sale of Davy to the Bank of Ireland Group. We believe the sale to our new long-term strategic owners is a very positive outcome, presenting significant opportunities for our clients and our people.

As outlined last July when the agreement was announced, the Davy brand and existing structures will be retained, reflecting Bank of Ireland’s support for our growth agenda and vision for the business. Davy will operate as a subsidiary within the Bank of Ireland Group and will continue to operate from our current offices in Dublin, London, Belfast, Cork, and Galway.

I want to thank our clients, our people, and all who contributed to building this strong franchise over many years. Bank of Ireland will bring a mix of continuity and new opportunities for our clients and our people.

Bernard Byrne
Davy Group CEO

Sale-related Questions and Answers

 

Davy sale

We are very pleased to announce the completion of the sale of Davy to the Bank of Ireland Group. We believe the sale to our new long-term strategic owners is a very positive outcome, presenting significant opportunities for our clients and our people.

Davy has been acquired for a final consideration of c. €427 million after adjusting for the capital position of Davy as of 1 June 2022. As outlined last July when the agreement was announced, the Davy brand and existing structures will be retained, reflecting Bank of Ireland’s support for our growth agenda and vision for the business. Davy will operate as a subsidiary within the Bank of Ireland Group and will continue to operate from our current offices in Dublin, London, Belfast, Cork, and Galway.

The sale of Davy to Bank of Ireland is intended to build on Davy’s leadership position in wealth management and capital markets, to extend Davy’s services to Bank of Ireland customers, and to provide an enhanced range of services to Davy’s clients. It will also see Davy benefit from Bank of Ireland’s scale and resources to facilitate sustainable growth.

Davy will operate as a subsidiary within the Bank of Ireland Group, enhancing customer offerings across the Group. There is no intention to break up or sell parts of Davy. Bank of Ireland have acquired the entire Davy business with the exception of Davy Global Fund Management (DGFM) which was acquired by IQ-EQ in May 2022. Bank of Ireland want to build on our strengths and are ambitious for Davy and its future growth potential.

Continuity of services

Yes, we will continue to operate under the Davy brand and there will be no changes to your service relationship.

Yes, you will continue to work with the same team in Davy. There is no change to your usual point of contact.

The Davy brand will be retained, reflecting Bank of Ireland’s support for our growth agenda and vision for the business. Davy will continue to be regulated by the Central Bank of Ireland and will ensure all its regulatory obligations are met.

No action is required to be taken at this point in time. We will keep you updated on any relevant developments. Should there be any changes in the future which are relevant to your product(s) and/or service(s) we will be in contact with you well in advance.

Davy shall continue to process your personal data in accordance with our Privacy Notice and applicable data protection legislation.

Your personal data shall not be disclosed unless:

  • You have consented to it.
  • Where it is necessary to enable us to carry out our contractual obligations to you.
  • Where we are obliged to in order to comply with legal, statutory and/or regulatory requirements.

Davy shall notify you of any update to our Privacy Notice and any update shall also be made available on this page.

We will retain our presence in Dawson Street, Dublin and our regional offices in London, Belfast, Cork, and Galway.

No action is required to be taken at this point in time. We will keep you updated on any relevant developments.

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