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DUBLIN (Reuters) - Bank of Ireland agreed to buy most of Davy Stockbrokers for an enterprise value of 440 million euros ($518 million) on Thursday, four months after a record central bank fine forced Ireland’s largest stockbroker to put itself up for sale.
An inquiry into 16 staff members at Ireland’s largest stockbroker found they sought to profit in 2014 by taking the opposite side of a bond deal with a client, without telling the client or compliance officials.
Davy was fined 4.1 million euros by Ireland’s central bank in March for breaching market rules and was dropped as a primary dealer in Irish government bonds amid a public outcry, leading to the closure of its bond desk.
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Davy shareholders to share up to €605m from three-part sale irishtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from irishtimes.com Daily Mail and Mail on Sunday newspapers.
UPDATE 1-Bank of Ireland to buy bulk of Davy Stockbrokers lse.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lse.co.uk Daily Mail and Mail on Sunday newspapers.