Building society Irish Nationwide has started the process of demutualisation, and it is undergoing vendors due diligence with a view to initiating a trade sale to another institution.
The sale is expected to have taken place by the end of this year.
Financial advisors will be appointed after the group's AGM which is expected to take place mid-April.
Irish Nationwide, which has been in business for 133 years, says its book value is now €1.2bn.
The group reported financial results for 2006 today showing profit after tax up 32% to €14m, which chief executive Michael Fingleton said was earned 'despite unrelenting competition in the financial services sector.'
In 2006 Irish Nationwide lent €5bn and the group's total assets stand at €14bn.
