NCB was founded in 1981 by Dermot Desmond, the successful Irish entrepreneur who was responsible for the creation of Ireland’s International Financial Services Centre (IFSC) which now employs over 15,000 people. The Group initially focused on money markets where it quickly built up a strong franchise and a significant market share.
In 1984, NCB acquired Dillon and Waldron, a small private client stockbroking firm. Leveraging off Dillon and Waldron's Stock Exchange License, NCB established an institutional bond business and quickly followed that initiative with the rollout of an institutional equity division. A separate corporate finance unit was subsequently established.
In 1994, NCB was acquired by Ulster Bank. At the time of the acquisition, Ulster Bank was owned by NatWest which was acquired by RBS in 2000. In 2003, Conor O'Kelly led a management buyout of the firm. Shortly after, the Quinn Group purchased just under 25% of NCB. The remaining 75% is owned by the employees.
