TSB Bank has held preliminary talks with the institutions which have lodged bids to buy it and the trustees could be in a position to approve a deal by November.
The sale process moved up a gear this week with the bidders, which include Irish Life & Permanent and AIB, making presentations to the bank.
The second phase of the sale process will begin in early September, when the bidders will again be invited to make a further presentation. A decision on whether a sale should go ahead is expected in November.
The bank is also developing a strategic plan as to how the business would develop if it were to remain independent. Most analysts expect that a trade sale is the most likely outcome.
TSB will not comment on the process or on the identities of the bidders, citing confidentiality agreements. Irish Life & Permanent has made no secret of its interest in the bank which would give it access to the retail banking clearing system. AIB will not comment on its intentions but is understood to be the other domestic bidder.
Potential purchasers had to lodge a bid for 100 per cent of the bank with the staff's 14.9 per cent stake to be addressed at a later date. The bank is estimated to have a market value of between £200 million (€254 million) and £250 million (€317 million).
