AIB is in exclusive talks to buy back Goodbody Stockbrokers for a multiple of the 24 million it was forced to sell the firm for a decade ago under a restructuring tied to its taxpayer bailout, The Irish Times has established.
Top management at the brokerage and wealth management firm and Kerry-based financial services group Fexco, which acquired control of Goodbody from AIB in early 2011, picked the bank as preferred bidder for the business this week, according to sources.
The period of exclusivity in which an agreement must be reached runs until the end of December. Goodbodys larger rival Davy is also said to be interested in a tie-up, in the event the current talks fail.
AIBs chief executive, Colin Hunt, served as chief economist at Goodbody between 1998 and 2004.
Spokesmen for AIB, Goodbody, Fexco and Davy declined to comment. Fexco owns 51 per cent of Goodbody and management and senior staff own the remainder.
