Diamond Wealth has acquired the majority stake in Irish bank Ulster Bank, the company said.

It said the deal was completed in the last few weeks and the company would take “all appropriate actions”.

The purchase of the Ulster Bank shares is part of a wider strategy by the investment firm to “embrace new opportunities and align our assets and strategies with the changing regulatory landscape in Ireland,” the company’s chief executive said in a statement.

The Ulster Bank deal is valued at €1,939 million and has been valued at around €600 million, according to market sources.

“As the Irish financial services industry evolves, we are confident that this investment will enhance our ability to serve our clients in the years ahead,” the Ulster bank said in the statement.

Irish Finance Minister Michael Noonan welcomed the sale.

“It is an important milestone in our ongoing efforts to improve the value of Irish assets and ensure our citizens have access to the financial services they need,” Mr Noonan said.

The sale of Ulster Bank is a major boost for Irish banks.

The bank has long been seen as one of the most vulnerable sectors in Ireland’s banking system, with the Irish banking sector now downgraded to junk status.

Irish Government announced in December that it would seek to raise €1 billion from private investors for the Ulster and Northern Irish banks and that they would be “immediately” restructured.

In a statement, Ulster Bank said it was happy to welcome the news and thanked the Irish Government for the opportunity to acquire the bank.

Its new owners have been “dedicated to building the best possible Irish banking portfolio for future generations”, the bank said.

The Irish Financial Services Authority said the bank will be “open for business as normal”.

The Ulster Bank merger with the new Irish bank, Ulster Banking Group, was approved by the Irish Banking Regulatory Authority on Thursday.

Ireland has been in recession for two years.

As part of the merger, Ulster Financial Services Group will merge with Northern Irish bank NUI Galway to form a new company, NUI Ulster Bank.

Mr Noonan has pledged to create more jobs and cut costs to attract foreign investment in the country’s financial sector.

On Friday, the Irish Department of Finance announced it would increase the minimum wage to €9 per hour in April and to €12.50 by 2022.

Dublin’s DDB Bank will also be merged into a new Irish company.