Bank of Ireland Group and J&E Davy Announcement

Bank of Ireland Group has today announced that it has reached an agreement to acquire J&E Davy, Ireland’s leading provider of wealth management and capital markets services.

You can read the full announcement here: https://investorrelations.bankofireland.com/press-releases/stock-exchange-announcements/

We’ve also set out some questions and answers below which will give you further information.

• 1. Why is Bank of Ireland acquiring Davy?

  Bank of Ireland’s wealth and insurance business currently has over 600,000 customers, including more than 250,000 wealth customers. The acquisition of the market-leader Davy will strengthen the range of services available to Bank of Ireland customers.

  In addition, Bank of Ireland is Ireland’s leading Corporate Bank with over 500 Irish customers and a niche offering in the UK to Mid Corporates; the acquisition of Davy enhances the combined service offering to corporate clients of both companies and provides further opportunities for growth.

• 2. Arising from this announcement, when will the Bank actually buy Davy?
  Completion of the acquisition is conditional on approval by the Central Bank of Ireland and the Competition and Consumer Protection Commission. We expect the acquisition of Davy to take place in 2022.
  
• 3. Do I need to take any action?
  No, we are just informing you about this development. There is no need for any customers to take any action.
• 4. Is there any change to my Bank of Ireland product?
  No, there is no change to your product.
  
• 5. Will I be asked to switch to another product?
  No, your product will remain the same Bank of Ireland product, and there will be no change to that.
  
• 6. Will my Bank of Ireland point of contact remain the same?
  Yes, there is no change to your usual point of contact within Bank of Ireland.
  
• 7. Will Davy have access to my Bank of Ireland account details?
  No, Davy will not have access to your account details. Any queries that you have in relation to your account should still be directed to Bank of Ireland.
  
• 8. Where do I go if I have any other queries?
  We will be back in touch with you at a later point to confirm when the transaction is complete. If you have any other queries in the meantime, you can get in touch with your usual Bank of Ireland relationship manager / contact.
  
• 9. Did Bank of Ireland own Davy in the past?
  Yes, Bank of Ireland Group first acquired a shareholding in Davy in 1988 and we sold the business to management in 2006.
  
• 10. What will it mean for Bank of Ireland customers when the deal is completed in the future?
  Davy is Ireland’s leading provider of wealth management and capital markets services. When the transaction is complete, it will strengthen the range of products and services available to Bank of Ireland Group customers.