Allied Irish Banks
AIB is one of the so-called "Big Four" commercial banks in Ireland. AIB offers a full range of personal and corporate banking services. AIB Capital Markets is the division of the company that offers international banking and treasury operations. The bank also offers a range of general insurance products such as home, travel, and health insurance. It offers life assurance and pensions through its wholly owned subsidiary, Ark Life Assurance.
In December 2010 the Irish government took a majority stake in the bank. AIB shares are listed as an American Depositary Receipt (ADR) on the New York Stock Exchange, under the symbol AIB. AIB's shares were formerly traded on the Irish Stock Exchange and the London Stock Exchange, but its shares were delisted from these exchanges following its effective nationalisation. The remaining publicly traded shares of AIB are now listed on the Enterprise Securities Market of the Irish Stock Exchange.
Internationally, AIB operates mainly in the United Kingdom (as Allied Irish Bank (GB) and First Trust Bank in Northern Ireland), and Poland (as Bank Zachodni WBK SA (BZ-WBK)). In November 2010, it sold its 22.5% stake in M&T Bank in the United States. At the beginning of 2008 AIB entered the Latvian, Estonian and Lithuanian markets by acquiring AmCredit mortgage finance business from the Baltic – American Enterprise Fund.
In 2009, Allied Irish Banks along with its competitor Bank of Ireland accepted a 3.5 billion euro bailout from the government of the Republic of Ireland as a part of the Bank Recapitalisation scheme. By March 2011 the total sum of required bailout was expected to climb up to 13.3 billion euro.
Read more about Allied Irish Banks: Name, History, Current Developments
Famous quotes containing the words allied, irish and/or banks:
“I fear that we are such gods or demigods only as fauns and satyrs, the divine allied to beasts, the creatures of appetite, and that, to some extent, our very life is our disgrace.”
—Henry David Thoreau (1817–1862)
“But Irish had an old soul, you might say. He was a man with a great future behind him, already.”
—Angela Carter (1940–1992)
“The world is a puzzling place today. All these banks sending us credit cards, with our names on them. Well, we didn’t order any credit cards! We don’t spend what we don’t have. So we just cut them in half and throw them out, just as soon as we open them in the mail. Imagine a bank sending credit cards to two ladies over a hundred years old! What are those folks thinking?”
—Sarah Louise Delany (b. 1889)