pounds 2.5bn merger for Irish Life
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.IRISH LIFE, Ireland's biggest life insurer, yesterday unveiled its long-awaited merger with Irish Permanent, the country's largest mortgage lender, in an Ipounds 2.8bn (pounds 2.5bn) deal, writes Andrew Garfield.
For legal reasons, the deal is structured as a takeover of Irish Life by Irish Permanent. Irish Life shareholders will get 67.3 per cent of the enlarged group while Irish Permanent shareholders will get 32.7 per cent.
Abbey National, Britain's second-largest mortgage lender, which holds 9 per cent of Irish Permanent, will see its stake diluted to 4.8 per cent. Shares in Irish Permanent rose 17.5p to 867.5p yesterday.
The new group will be renamed Irish Life & Permanent and will be Ireland's largest financial services group with 1.5m customer relationships.
It will be headed by Conor McCarthy, the chairman of Irish Life, and John Bourke, the chairman of Irish Permanent, who together serve as joint non-executive chairmen until May 2000. At that time, Roy Douglas, Irish Life's current chief executive, will take over as sole non-executive chairman.
David Went, the former Coutts and Ulster Bank executive who joined Irish Life as managing director in January, will be chief executive of the combined group.
The group said it expects to save Ipounds 12m a year within two years. However, Mr Went said yesterday: "Job losses will be minimal."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments