South Africa’s Steinhoff International — which owns the Dealz-Poundland stores in Ireland — plans to sell almost 7.5bn rand (€509m) of shares in South African financial services firm PSG Group, the latest in a line of disposals aimed at shoring up the retail group’s battered balance sheet.

Markus Jooste, the ex-head of Steinhoff who quit this month amid an accounting scandal, is being sued by three South African lenders after a racehorse company he was a director of failed to meet its financial commitments.

AIB HAS formally named David Duffy as its chief executive, confirming media speculation.