The EBS and Irish Nationwide building societies have confirmed that they have started discussions about a possible merger of both organisations. The talks had been signalled by both societies earlier this week.
In a statement, EBS said it had agreed to talks 'in the best interests of its members, stakeholders and the wider financial services sector'.
Irish Nationwide said its chief executive Gerry McGinn met EBS chief executive Fergus Murphy yesterday to open formal discussions.
On Monday, Finance Minister Brian Lenihan said the State was likely to be a substantial shareholder in a new building society after the merger of EBS and Irish Nationwide. EBS's chief executive Fergus Murphy also said that the Government may have a 40-60% stake in a merged EBS and Irish Nationwide.
