NCB HAS been sold to South African-headquartered company Investec for €32 million.

The deal, which is subject to regulatory approval, will help Investec become “one of the most significant players in the Irish market,” Michael Cullen, chief executive of Investec Ireland, told The Irish Times.

Investec said it planned to pay for the company in cash, although it could issue shares to help fund the deal.

As a 25 per cent shareholder, the Quinn Group could earn up to €8 million from the sale.

The remainder of NCB is owned by up to 60 individual shareholders and employees, although the largest shareholders are believed to be NCB executives who led the management buy-out of the company from Ulster Bank in 2003, including Conor O’Kelly, Graham O’Brien, Liam Booth, Greg Dilger and Tommy Conway.

The sale price represents a €4.35 million premium to the net asset value of the business.

NCB employs 120 people at its IFSC office. As well as a stockbroking division, it has a significant corporate finance and wealth management business, with approximately €1.3 billion of private client funds under management.