Bank of Ireland chief executive Francesca McDonagh confirmed that the group “may look” at Davy. The stockbroking firm has been put up for sale two weeks ago in the wake of a bond-trade scandal. Ms McDonagh said that if Bank of Ireland acquired a business that allowed for bonuses, or variable pay, for employees, the bank would seek permission from Minister for Finance Paschal Donohoe to allow for this to continue. The chief executive noted that a precedent was set in this regard with AIB’s planned takeover of Goodbody Stockbrokers, announced earlier this month, which will resolve in the stockbroking firm retaining variable pay for its staff. Potential buyersDavy’s board hired investment bank Rothschild on March 11th to find a buyer for the beleaguered business.

Source: The Irish Times March 23, 2021 16:53 UTC