The final bidders for EBS have been named, with Irish Life & Permanent and a consortium of international investors led by Cardinal Capital Group confirmed as the two who will submit bids for the building society.
Minister for Finance Brian Lenihan said today the sale process had moved to its final stage.
Irish Life & Permanent is said to be considering merging the building society with its banking division, Permanent TSB. Meanwhile, Cardinal, the Dublin-based investment firm led by financiers Nigel McDermott and Nick Corcoran, is bidding with US leveraged buyout firms Carlyle Group and WL Ross and Co.
EBS needs to raise about a total of €785 million to meet capital requirements set by the country's financial regulator. The Government, which has already injected €350 million into EBS, has pledged to provide the remainder needed if it does not secure outside investment.
Both bidders will now be asked to prepare final bids over the coming weeks.