Merger talks begin between EBS, INBS

Dublin: Irish Nationwide Building Society (INBS) has confirmed that merger discussions with the EBS Building Society have begun. The chief executives of both companies – INBS’ Gerry McGinn and Fergus Murphy of EBS – met yesterday to open talks.

It is expected that the two companies will merge before the end of the year as part of the Government’s NAMA process and that Permanent TSB will join them sometime next year to bolster the so-called “third force” in Irish banking. Permanent TSB’s parent, Irish Life & Permanent (IL&P) is expected to ultimately hold a 40% stake in the new group, with the Government holding the same share and the remaining 20% split between what is now the EBS and INBS.