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Allied Irish Banks

Not to be confused with Anglo Irish Bank.

Allied Irish Banks, p.l.c.
Company typePublic limited company (p.l.c.)
Euronext Dublin: A5G
ISEQ 20 component
ISINIE00BF0L3536
IndustryBanking
PredecessorProvincial Bank of Ireland
Royal Bank of Ireland Edit this on Wikidata
Founded21 September 1966 (1966-09-21)
Headquarters10 Molesworth Street, Dublin 2, Ireland
Area served
Ireland
United Kingdom
Key people
[1]
ServicesFinancial services
Revenue€4.7 billion (2023)[2]
Increase €4.74 billion (2023)
Increase €2.05 billion (2023)
OwnerGovernment of Ireland (31.9%)
Number of employees
10,551 (2023)
SubsidiariesAIB Group (UK) plc
Websiteaib.ie

Allied Irish Banks, p.l.c. (Irish: Bainc-Aontas Éireann) is one of the so-called Big Four commercial banks in the Republic of Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life assurance and pensions through its tied agency with Irish Life Assurance plc.

In December 2010 the Irish government took a majority stake in the bank, which eventually grew to 99.8%. AIB's shares are currently traded on the Irish Stock Exchange and the London Stock Exchange, but its shares were delisted from these exchanges between 2011 and 2017, following its effective nationalisation. The remainder of its publicly traded shares were listed on the Enterprise Securities Market of the Irish Stock Exchange until 23 June 2017.[3]

AIB also owns Allied Irish Bank (GB) in Great Britain and AIB (NI) in Northern Ireland. 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. This stake was sold at a loss to Swedbank in 2012.[4]

In 2009, Allied Irish Banks along with its competitor Bank of Ireland accepted a €3.5 billion bailout from the government of Ireland as a part of the Bank Recapitalisation Scheme.[5] Over several further tranches, the total bailout of AIB (including EBS) amounted to €20.7 billion.[6]

In June 2017, the Irish government completed an IPO of Allied Irish Banks.[7] In December 2021, when the company was valued less than 6 billion euro on the public market, the government announced it would start gradually selling its stake.[8] The CEO of AIB is Colin Hunt since March 2019. Jim Pettigrew was appointed chair of the board in October 2021.

AIB has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[9][10]

  1. ^ AIB Press Office. "Biographies". AIB. Archived from the original on 14 July 2014. Retrieved 6 July 2012.
  2. ^ "Annual report 2023" (PDF). AIB. Retrieved 7 March 2024.
  3. ^ "AIB's last day on main Dublin market". The Irish Times. 25 January 2011. Retrieved 1 February 2011.
  4. ^ "AIB sells its Latvian mortgage book". Irish Examiner. 28 February 2012. Retrieved 13 December 2018.
  5. ^ "AIB and BoI to get €3.5bn each in bailout". Irish Examiner. 12 February 2009. Archived from the original on 3 March 2016. Retrieved 27 July 2009.
  6. ^ "AIB 'will not repay €3.5bn cash it owes' to the State". The Irish Independent. 12 June 2013. Retrieved 13 December 2018.
  7. ^ Bray, Chad (12 June 2017). "Allied Irish Banks Could Be Valued at $14.9 Billion in I.P.O." The New York Times. New York City, United States. Retrieved 13 June 2017.
  8. ^ Humphries, Conor (21 December 2021). "Ireland to begin 'phased exit' from AIB in coming months". Reuters. Retrieved 21 December 2021 – via www.reuters.com.
  9. ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
  10. ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.

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