Bank of Ireland confirmed this morning it has received a conditional proposal by management in Davy's stockbrokers to acquire the bank's 90.44 per cent interest in Davy.
The bank told the Irish Stock Exchange: "As this proposal is subject to certain conditions, including funding and regulatory approval, there can be no certainty that a transaction will be concluded with Davy management."
The deal is estimated to value the business at some €344 million.
The bank also announced the formation of a Capital Markets Division that will incorporate the present Wholesale Financial Services and the Asset Management Services operating divisions.
