Brewin Dolphin has confirmed that it is in talks to acquire Investec's wealth management business in Ireland.
The British wealth management firm said that the discussions were continuing and there was no certainty that they would lead to a transaction.
The confirmation came after The Sunday Times reported over the weekend that the firm was competing with Allied Irish Banks to buy the Dublin-based Investec arm in a deal which could be worth around £50m.
Growth remains at the top of our agenda"
If Brewin Dolphin is successful, it would mark its second deal in Ireland in the past eight years, after buying fund manager Tilman in a £30m deal in 2011.
It would also bolster the UK-listed company's asset base at a time when many British wealth managers have recorded heavy client outflows on the back of widespread uncertainty about the UK's economic prospects after it leaves the EU. Brewin Dolphin said in January that its total assets had fallen nearly 8% over the previous quarter to £39.5bn.
Rathbones, another London wealth manager, has been tipped as a possible candidate. Bank of Ireland was an early contender, but is now believed to have dropped out of the race.
Among the services offered by Investec in Ireland are financial planning, wealth management and investment management.
The firm has 260 employees in Ireland, with offices in Dublin and Cork. It also sponsors the Monaghan gaelic football team.
Brewin Dolphin's core aim is growing the business, as laid out in its interim results last year, when the wealth manager said "growth remains at the top of our agenda".