Anglo and INBS set deadline date for merger

ANGLO IRISH Bank and Irish Nationwide Building Society (INBS) are working towards a deadline of July 1st for the merger of the two nationalised institutions.

The merger, that will involve the takeover of the rump of Irish Nationwide by Anglo, will lead to an institution of about 1,300 staff.

The takeover will be followed by several months of integrating Irish Nationwide into Anglo and a selection process to make appointments to senior roles at the enlarged institution.

“The two organisations are working towards the July 1st date for the merger on a very open and co-operative basis, which is pleasing,” said Mike Aynsley, Anglo chief executive.

He declined to comment further on the details or structure of merger before it was announced.

Irish Nationwide chief executive Gerry McGinn had no comment.

The make-up of the board and management of the new entity will be led by the board and management of Anglo in consultation with the Department of Finance.

Irish Nationwide’s €2 billion residential mortgage book is the only area where there is no overlap as Anglo avoided mortgage lending.

Under the restructuring plan, the mortgage book must be run down or sold within five years.

Mr Aynsley is expected to remain as chief executive, while Mr McGinn will play a key role in the integration of the businesses.

Alan Dukes is expected to stay on as chairman of the bank.

Executives at Irish Nationwide – chief financial officer John McGloughlin, director of operations Valerie Mulhall and director of banking Declan Buckley – are expected to be appointed to senior roles within the enlarged bank.

Antoinette Dunne, the director of retail at Irish Nationwide, will finish in that role at the end of the month.

The position of chief financial officer at Anglo has stood vacant since the departure of Dutchman Maarten Van Eden last April. A selection process is ongoing.