IBI Corporate Finance and Davy Stockbrokers, in association with US merchant bank Donaldson, Lufkin and Jenrette, have been retained as the Government's advisers on the merger/flotation of ACCBank and TSB Bank.

The deal, which is expected to see the merged group take a listing on the stock market next May, is mooted to be worth around £500 million (€635 million). It would represent commissions of about £10 million to the financial advisers. Announcing the selection of financial/ brokerage advisers yesterday, the Minister for Finance, Mr McCreevy, said seven tenders had been received.