Bank of Ireland has conditionally agreed to buy the British independent financial adviser Chase de Vere for £110 million sterling (€162.3 million) through its UK subsidiary, Bristol & West. The acquisition aims to strengthen Bristol & West's presence in more profitable investment segments of the financial services market.
Chase de Vere, which has headquarters in Bath is close to Bristol & West's head office and has around 350,000 customers who are predominantly high net worth individuals. Bank of Ireland has agreed to buy 55 per cent of Chase de Vere's share capital which is owned by Mr Mike Edge and Mr Michael Chadwick and a conditional offer has been made to the 196 option holders who hold the remaining 45 per cent of the company.
The company employs 300 staff and has offices at Bath, London and Leeds.
Bristol & West is working to diversify its business from mortgages and decided to enter negotiations with Chase de Vere when it was put on the market earlier this year.
It was established in 1983 and placed more than £1 billion into investments products for its clients last year.
Commenting on the acquisition yesterday, Bank of Ireland said there is potential to achieve substantial revenue synergies between Chase de Vere and Bristol & West.
"The customer base closely matches the client profile of Chase de Vere and expansion of this part of the business by the application of an independent financial adviser approach can deliver enhanced profits," according to the bank.
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