AIB meaning in Banking ?
Answer: What is Allied Irish Bank mean?
Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in 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.
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.
In 2009, Allied Irish Banks along with its competitor Bank of Ireland accepted a €3.5 billion bailout from the government of the Republic of Ireland as a part of the Bank Recapitalisation Scheme. Over several further tranches, the total bailout of AIB (including EBS) amounted to €20.7 billion.
On 12 June 2017, the Irish government announced that the IPO of Allied Irish Banks to take place later in the month might result in bank value of €13.3 billion. The IPO took place on 23 June 2017. The CEO of AIB is Colin Hunt.
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