The Irish Life & Permanent Group Holdings has decided to suspend the selling of Irish Life Limited due to continuing market uncertainty.

Potential acquirers had shown interest in purchasing the firm, which has strong franchise in the Irish market and the low risk nature of the Group’s business.

The group believes that the current challenging market conditions are not conducive for a transaction of this size.

The Group will continue to progress the separation of the Group’s life assurance and banking businesses, which is due to complete at end of the first quarter next year.

Irish Life provides life, pensions and fund management in Ireland, and has almost three quarters of a million personal policyholders, 200,000 pension scheme members and over €32bn in funds under management.