ACC, the State-owned bank, has today announced that it is proceeding to sale contract negotiations with Rabobank.
Rabobank, the Dutch co-operative bank, is understood to be the only financial institution to have made an indicative offer for ACC.
ACC employs around 500 staff in its 42 branches throughout the State.
ACC has a loan book worth around €2.3 billion, which includes home loans, business loans and some loans to the agriculture sector. It also has a substantial deposit base worth around €1.5 billion.
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NCB Corporate Finance is handling the sale on behalf of the Government.