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Friday 1 December 2023 Dublin: -2°C
Julien Behal/PA Archive

AIB to sell Polish property fund management company

The almost totally State-owned bank is winding down international operations. A price on the sale has not been disclosed.

ALLIED IRISH BANKS has announced an agreement to sell off a Polish property fund management company, as well as its interests in a number of property funds.

The interests are being sold to Peakside Capital for an undisclosed amount.

The bank says it has also agreed to sell its 9.87 per cent stake in Polonia Property Fund LP, and its 7.5 per cent interest in Polonia Property Fund II Ltd, to the same company.

The sales are expected to be completed during the third quarter of 2012, and are conditional upon obtaining regulatory approval.

Though it has not indicated how much it expects to make from the sale, AIB said the positive impact on its capital position was “not material”.

AIB has been selling off much of its international holdings in a bid to return the taxpayer investment and to minimise its exposure to overseas markets.

In September 2010 it announced plans to sell off its 70.4 per cent stake in Bank Zachodni WBK to Spanish bank Santander for €3.1 billion.

Read: AIB reports losses of €2.3 billion for last year >

More: Customers should consider ditching AIB over new charges – NCA chief >

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