Allied Irish Bank (AIB) is set to acquire sole control of Ganmac Holdings after the Competition and Consumer Protection Commission (CCPC) cleared the deal.

Ganmac is a holding company for the Goodbody Group, which comprises of a number of entities active in the provision of wealth management, investment banking, asset management and alternative investment fund management.

The CCPC was notified of the proposed transaction in March. It said on Friday it has formed the view that the transaction “will not substantially lessen competition in any market for goods or services in the State”.

The commission will publish the reasons for its determination on its website no later than 60 working days after the date of the determination and after allowing the parties the opportunity to request that confidential information be removed from the published version.