Several suitors make proposals to TSB Bank

TSB Bank has confirmed it has received proposals from a number of parties interested in acquiring the bank. The deadline for tenders expired last Friday and chairman, Mr Finbarr Golden, yesterday said the board was "pleased with the comprehensive nature of the proposals".

These, he added "have come from both the traditional financial services sector and from outside the sector". However, because of confidentiality agreement, he was "not at liberty to make any further comment on the proposals, or on the identity of those involved". A spokesman for the bank said he could not elaborate.

Mr Golden said the first phase of assessing the proposals will be undertaken over the coming weeks by the bank's financial adviser, PricewaterhouseCoopers, senior management and the board of trustees. In assessing the proposals, the bank, he said, will consider their potential impact on its financial standing and prospects as well as their effect on its stakeholders.

He listed the stakeholders as customers, staff and the Minister for Finance. Mr Golden said the group's objective is to "enhance the products and services available and preserve the bank's customer services ethos". On its employees, he said the objective is "to provide personal and career development opportunities in a progressive work environment". And the board, he said, recognises the entitlement of the Minister for Finance to the proceeds of an acquisition.

Although the identities of the bidders have not been disclosed, Industry sources say Irish Life & Permanent has made an offer. Other likely candidates include Ulster Bank, Irish Intercontinental Bank and possibly National Irish Bank.