Advisers named to State on bank sale

ABN AMRO Corporate Finance and solicitors McCann FitzGerald have been appointed as advisers to the Government on the sale of ICC Bank. The advisers will now begin working with the State-owned bank to prepare an information document for the Government on its future plans. ICC Bank chairman, Mr Phil Flynn indicated this week that the future ownership of the bank should become clear by the end of July. The Department of Finance expects the sale could be finalised in the autumn.

Announcing the appointment of the advisers yesterday, Mr McCreevy, said he hoped to bring the sale process to a successful conclusion.

The contract for Government adviser was awarded after a second round of tenders were submitted after one of the winner of the first round, solicitors Arthur Cox, withdrew because of a conflict of interest. McCann FitzGerald now takes its place beside ABN AMRO, the stockbroking advisor chosen in the first round.

ICC Bank has already appointed its own advisers which are HSBC Investment Bank and solicitors Matheson Ormsby Prentice.

Now that the advisers for both parties are in place progress on the sale should gain momentum. After they submit their proposals to the Minister for Finance, the bank will be formally advertises as being up for sale and the advisers will consider all bids received.

Meanwhile the Minister for Finance is expected to approve the proposed merger and flotation of TSB Bank and ACC Bank shortly. He will also announce a steering group made up of executives from both banks to oversee the merger and flotation.