INBS merger negotiations on hold
Merger negotiations stall between Irish Nationwide Building Society (INBS) and EBS Building.
Merger negotiations between Irish Nationwide Building Society
(INBS) and EBS Building Society have been effectively put on
INBS reveals that negotiations over a deal have stalled as a
result of losses for 2009 increasing tenfold due to bad loan
provisions, according to Reuters.
The outfit is regarded as having one of the biggest proportional
exposures to Ireland's property market crash - it required state
capital in order to survive.
Gerry McGinn, chief executive of INBS, said that merger
proposals had fallen down the list of priorities with regards to
how the company planned to move forward. Survival was now the
He said: "When you arrive at the scene of a car crash, you try
to keep the patient alive and deal with the issues," reports the
INBS posted a 2.49 billion euro loss for 2009. This figure was
significantly higher than the 243 million euro loss incurred in the