Bidders prepare final offers for ICC Bank

Revised bids for State-owned ICC Bank should be made by the three potential buyers of the bank within a week to 10 days and the…

Revised bids for State-owned ICC Bank should be made by the three potential buyers of the bank within a week to 10 days and the sale is on course to be completed by the end of the year.

Three possible buyers are conducting due diligence examinations of the bank's accounts and operations following the recent shortlisting of bidders. The finalists have not been disclosed, but market sources suggest they are Bank of Ireland, Irish Intercontinental Bank and possibly Dutch bank, Nationale Investorings, or National Australia Bank.

When the revised bids are received, ICC management and sale advisers will select the most appropriate offer and make a recommendation to the Minister for Finance. Because ICC has a stock market quotation, the bank's board must approve the offer. If there is a clear winner among the revised bids, final negotiations will begin immediately. But if there is only a small difference between bids, time may be made available for reconsidered offers, according to a spokesman for the advisers.