Investec applies for Ireland banking permit – report

Investec has sought a banking permit in Ireland as it looks to widen its presence across Europe, reported Bloomberg.

The lender, which is listed in South Africa and the UK, already has operations in Dublin through its European business.

It is now pursuing approval to provide full banking services, according to the European Banking Federation.

Such approval would improve its capacity to support corporate and affluent clients, the news publication added.

“We have been in discussions with the regulator for quite some time,” Investec Group CEO Fani Titi said in an interview with Bloomberg TV.

“It takes a bit of time to go through these processes, but we do expect that in the immediate future, we will be successful, and we are quite excited about the opportunity that that opens for us in Ireland and the rest of Europe.”

Investec has had a presence in Ireland since its 2012 purchase of NCB Stockbrokers.

Through its Irish business, the group currently offers treasury risk products, derivatives and investment services under Central Bank of Ireland regulation.

An Irish licence “will allow us to work a lot more front-footed in Europe, given that with Brexit, UK banks were not able anymore to operate as freely as they did before,” Titi said.

He added that Investec expects the permit to be granted by the end of the year.

The bank has been refining its international expansion plans as rivalry grows among lenders and fintech companies seeking affluent customers and cross-border European business.

Investec recently set out plans to shift from a specialist lender to a primary full-service bank, with a wider range of services including current accounts, credit cards, rewards and benefits, backed by digital capabilities.

By 2030, it aims to almost double its private client base, seeking an additional 122,000 clients on top of the 128,000 who already use its services.

The group is also recruiting employees, including relationship managers and credit officers, ahead of the planned launch of a UK corporate banking business in the second half of 2027.

While the war in the Middle East has had an impact on its Dubai venture, Investec said it remains positive about the region and its wider operations.

“Overall, we are on a front foot, we are investing, we are expanding, and we are hiring,” Titi added.

“Investec applies for Ireland banking permit – report” was originally created and published by Private Banker International, a GlobalData owned brand.

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