Allied Irish Banks
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.
AIB Office Central Park, Leopardstown, Dublin 18 | |
| Company type | Public limited company (p.l.c.) |
|---|---|
Traded as | Euronext Dublin: A5G
ISEQ 20 component |
| ISIN | IE00BF0L3536 |
| Industry | Banking |
| Predecessor | Provincial Bank of Ireland Royal Bank of Ireland |
| Founded | 21 September 1966 |
| Headquarters | 10 Molesworth Street, Dublin 2, Ireland |
Area served | Ireland United Kingdom |
Key people | |
| Services | Financial services |
| Revenue | €4.7 billion (2023) |
| €4.74 billion (2023) | |
Net income | €2.05 billion (2023) |
| Owner | Government of Ireland (39.9%) |
Number of employees | 10,551 (2023) |
| Subsidiaries | AIB Group (UK) plc |
| Website | aib |
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 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.
In June 2017, the Irish government completed an IPO of Allied Irish Banks. 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. 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.