Irish Life remains in the running to buy stockbrokers Davy, despite being ruled out some weeks ago. Paul Mahon, the chief executive of Irish Life’s parent Great-West Lifeco, told analysts last week that it is still chasing opportunities including “maybe picking up a small tuck-in wealth manager in Ireland”. Bids of up to €400 million for Davy are expected by Friday’s deadline with other suitors thought to include Bank of Ireland, UK firm Tilney Smith & Williamson, US private equity firm Carlyle and Irish group Melior Equity Partners.
The Sunday Times reports that Ulster Bank is facing a €300 million redundancy bill for the 2,200 staff who are expected to lose their jobs when the UK-owned bank winds down its Irish operations. Some staff are expected to transfer to AIB, which wants to buy Ulster’s loan book, while most of the rest will be offered four weeks’ pay per year of service as well as statutory entitlements, the paper reports.
