The transaction, which is subject to regulatory approval, is expected to close by the end of the year and will see the Consortium own all of Goodbody. At the moment, the stockbroker is 51 per cent-owned by Fexco, as well as Goodbody’s staff and management, who collectively own the remaining 49 per cent of the company.

Financial details of the proposed transaction weren’t disclosed by Goodbody, which has a history dating back more than 140 years.

Goodbody said it will continue to operate from and be headquartered in Dublin. Managing director Roy Barrett and the senior management team will all remain in their current positions. Goodbody will retain its brand and staff and will continue to be regulated by the Central Bank of Ireland. The Company will still be subject to the same regulations for the purposes of client assets and investor protection. Goodbody's UK operation, which was established in 2015, will continue to be authorised and subject to limited regulation by the Financial Conduct Authority. The Company's US broker dealer, Goodbody Securities Inc, will continue to be regulated by the Financial Industry Regulatory Authority.

The stockbroker said the acquisition will boost its “ambitious expansion plans” in Ireland and the UK.

Pioneer Century Limited, a privately owned Chinese investment company, and Zhongze's financial advisor, JIC Trust Co. Limited, is supporting Zhongze in the deal.

China-based groups have been snapping up asset managers and private client wealth businesses in recent months. As recently as last week, Fosun International, the Chinese conglomerate, bought a Brazilian asset management firm; Fosun has also purchased European private banking assets, as have some of its peers. Mason Group Holdings, another conglomerate, purchased a Liechtenstein-based private bank late last year.