International asset manager Investec has agreed to buy financial services group NCB in a deal that could be worth up to €32 million.

The purchase price is based on a current estimate of net asset value of €28 million.

Investec's Irish operation, which are based in Dublin, provides treasury products to Irish corporates and has a significant business in the international structured equities sector. NCB, meanwhile, operates in the corporate finance, wealth management and capital markets, with a client base that consists of both Irish and internationally based customers.

NCB currently employs 120 people and manages about €1.3 billion of private client funds.

Investec Ireland chief executive Michael Cullen said NCB's business would complement its capital markets business in Ireland. “The transaction will provide a strengthened and diversified offering to both sets of our clients, bolstering Investec’s capability to become one of Ireland’s leading specialist banking groups," he said.

A spokesman for the company said there were no planned redundancies, with Investec aiming to increase its market share.

The deal has yet to be approved by regulators.

NCB's chief executive Conor O'Kelly described the acquisition as "an excellent development" for both NCB and its clients.

“We believe that Investec’s balance sheet strength and diversified product offering will resonate very well with existing and prospective clients," he said.