Stockbroker Davy has formally put itself up for sale, as its board seeks to rebuild trust in the business and address concerns about former senior executives involved in a bond-deal scandal remaining as major shareholders. The embattled firm said in a short statement that it has hired international investment bank Rothschild to find a buyer. The regulator also found that Davy kept its own compliance officials in the dark on the deal. A €1.5 billion bond auction by the NTMA on Thursday was the first such sale that Davy was not involved in since the State debt agency was set up in 1990. A sale of Davy would have to have the support of at least 75 per cent of shareholders.

Source: The Irish Times March 11, 2021 21:46 UTC