THERE IS still no white smoke on the sale of Bank of Ireland Asset Management (Biam) although Australian infrastructure group Macquarie is thought to remain in pole position to acquire the business.
Biam is one of a handful of assets that Bank of Ireland has agreed with the European Commission to sell in return for the State aid it has received and its participation in the National Asset Management Agency (Nama).
Just over a month ago, Biam’s interim chief executive Chris Johns told The Irish Times that a credible third-party financial institution had put a bid on the table and an announcement was likely in a matter of weeks.
It later emerged that Macquarie was in advanced negotiations to buy the asset manager.
I understand Bank of Ireland’s announcement to sell Biam prompted “several” expressions of interest, including from Irish Life Permanent, which is already the biggest player in this market.
The result is that the timetable for a sale has slipped while these offers are evaluated by Bank of Ireland’s top brass.
So when might we get news on the sale process?
“I still expect that in a short number of weeks we’ll be able to make an announcement to the market,” Johns told me this week. “It takes time.”
Johns wouldn’t discuss any of the offers that have been received but don’t be surprised if Macquarie emerges from the process as the preferred bidder.
