<article>A Chinese consortium led by investment firm Zhongze Group is acquiring Irish stockbroking firm Goodbody, according to a company statement on Tuesday.</article>

A Chinese consortium led by investment firm Zhongze Group is acquiring Irish stockbroking firm Goodbody, according to a company statement on Tuesday.
The consortium is also joined by private investment company Pioneer Century Limited and China&#8217;s sovereign wealth fund&#8217;s wholly-owned asset management company, JIC Trust Co. Limited.
The transaction is subject to regulatory approval and is expected to close by end of this year. Financial details of the deal is not disclosed.
The Chinese consortium will take over a total of 100 per cent stake in Goodbody &#8211; 51 per cent from current owner Fexco and the remaining 49 per cent owned by Goodbody&#8217;s staff and management.
Goodbody said the investment will allow the stockbroking firm to fast-track its entry into new markets and business lines. In return, the firm also presents a unique opportunity for the consortium to enter the Irish and UK financial services sector, with limited exposure from Brexit.
According to Goodbody, its headquarters will remain in Dublin whereby managing director Roy Barret with the senior management team will all stay in their current positions. Goodbody will retain its brand and staff and will continue to be regulated by the Central Bank of Ireland. Its operations in the UK will also continue to be regulated.
&#8220;It (the deal) also facilitates the creation of a bridge from east to west and vice-versa for institutional capital seeking opportunities in both regions,&#8221; said Barret.
Goodbody said it is Ireland&#8217;s oldest stockbroking firm, with a history dating back more than a century. It was acquired by Irish provider of financial transaction Fexco in 2011 for <a href="https://www.reuters.com/article/ireland-fexco-goodbody/fexco-completes-acquisition-of-irelands-goodbody-idUKLDE7061SI20110107">24 million euros </a>($28.1 million) from Allied Irish Banks.
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The Chinese consortium will take over a total of 100 per cent stake in Goodbody.

Chinese consortium to acquire Irish stockbroker Goodbody

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