The race to succeed Mr Seán FitzPatrick as chief executive of Anglo Irish Bank is nearing a conclusion, with the bank due to make an announcement on who will succeed him by the end of the month.
Market sources believe that there are three main contenders for the top job. Chief operating officer Mr Tiarnan O'Mahoney, head of wealth management Mr Tom Browne, and the head of Anglo's UK operations, Mr John Rowan, are thought to be battling it out to take over from Mr Fitzpatrick when he moves upstairs to become chairman next January.
Mr David Drumm, head of banking in Dublin and the US, is seen as a dark horse who might also merit consideration for the top job but, unlike the others, he is not on the bank's board of directors.
Mr Browne, who left the bank in 2000 only to return two years later, is seen as the favourite in some quarters but other market observers believe the race is too close to call.
Shares in the bank have been particularly active over the last two days as the market waits for the announcement, which is widely expected to include some form of trading update.
Although Anglo, which is due to release results for the financial year ending September 30th in November, does not normally issue a pre-close statement, it is anticipated that it may provide some comment on trading to accompany the succession announcement.
Nearly four million Anglo shares were traded yesterday as the stock added 26 cents, or 1.8 per cent, to €14.93.
All four contenders for the top job are well respected by investors and the view among sector analysts is that the bank's strong operational performance - which has made it a stock market darling in recent years - is set to continue, whoever lands the top job.
"Succession issues are typically overplayed," one analyst said yesterday. "They have a very good business model, a very capable management team. There is no risk in terms of strategy."
The fact that Mr Fitzpatrick, who has driven the bank's success over the last decade, will retain a close involvement with the bank as chairman has also helped to reassure investors.
The real challenge for Anglo may be in containing the fallout from the succession battle, market observers believe.
With all four contenders in their mid-forties or younger, and given that all of them have made serious money from the bank in recent years, the losers may not be content to stick around and play second fiddle to one of their peers.
