Britain's Royal Bank of ScotlandGroup has announced the purchase of Ireland's First Active for €887 million in cash to broaden its foothold in Ireland.
Britain's second-biggest bank by assets said First Activewould complement its Ulster Bank subsidiary in the North and create a business of about 263 branches serving 1.3 million people across the island.
Its €6.2 per-share offer is a 33 per cent premium to theclosing price of First Active's shares on Friday.
Royal Bank said First Active would retain its own brand andmanagement would be drawn from both it and Ulster Bank.
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Royal Bank is being advised by Merrill Lynch. JP Morgan, andDavy Corporate Finance are acting for First Active.