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Dermot DesmondIrish billionaire
Date of Birth: 01.01.1950
Country:  Ireland |
Content:
- Dermot Desmond: Irish Billionaire and Entrepreneur
- Career in Banking and Finance
- Afghanistan and the World Bank
- National City Brokers and Investments
- Business Interests
- - London City Airport
Dermot Desmond: Irish Billionaire and Entrepreneur
Early Life and EducationDermot Desmond was born in Macroom, Ireland, in 1950. At age six, he moved with his family to Beaumont, a suburb of Dublin. Desmond attended Scoil Mhuire in Marino and Good Counsel College in New Ross.
Career in Banking and Finance
After graduating in 1968, Desmond began his career as a junior clerk at Citibank. He subsequently joined the Investment Bank of Ireland and later became a management consultant at Price Waterhouse Coopers.
Afghanistan and the World Bank
In 1979, Desmond joined the World Bank and was assigned to Kabul, Afghanistan. However, his time there was cut short when Soviet forces invaded the country and the bank evacuated its staff.
National City Brokers and Investments
In 1981, Desmond founded National City Brokers (NCB), an Irish stockbroking firm. His investment company has consistently been an astute acquirer of promising businesses.
Business Interests
Desmond has significant stakes or holds executive positions in numerous companies, including:
- London City Airport
- Sandy Lane Hotel- Intuition eLearning company
- BETDAQ betting exchange
- eSpatial GIS software house
- Bottin (International) Investments, Ltd.
- International Investment Underwriters
- Newfoundland & Labrador Refining Ltd.
- Daon
- Baltimore Technologies
- Barchester Healthcare
- Greencore
- Rietumu Banka
- Celtic FC
- Sporting Emporium Casino
- RemoteMDx
London City Airport
Desmond's most notable acquisition was London City Airport, which he purchased in 1995. Despite concerns about the airport's viability, Desmond foresaw its potential and transformed it into the most efficient airport in the UK. In 2006, he sold London City Airport to a consortium led by AIG, GE Capital, and Credit Suisse for $750 million.
