AIB sells Polish assets to Santander
(10 September 2010 – UK) Ireland’s troubled bank, Allied Irish Bank (AIB), has announced the sale of its Polish banking assets to Spanish giant Santander for €3.1 billion (A$4.2 billion).
The Board of Directors of Allied Irish Banks today announces that it has agreed to sell its interests in Poland for a total consideration of approximately €3.1 billion, AIB said in a statement.
The Spanish bank has agreed to pay €2.9 billion for AIB's 70 percent stake in Poland's Bank Zachodni WBK (BZ WBK) and €150 million for AIB's 50 percent stake in BZ WBK AIB Asset Management.
AIB made a pre-tax loss of €2.66 billion in 2009, as bad loans soared.
Ireland's government meanwhile plans to purchase €81 billion of soured property loans from the country's troubled banks by February, the head of the National Asset Management Agency (NAMA) said Friday.
The toxic loans, stemming from the 2008 collapse in world property prices, will be placed in the NAMA, which is considered a 'bad bank' and which won approval from the European Commission earlier this year.
At the moment we’re in the middle of the storm but by February of next year, NAMA will have reviewed, valued and acquired €81 billion worth of problem loans, NAMA chief executive Brendan McDonagh said in a statement.
That is key to (the banks) speedy return to lending to the real economy and the key to us drawing a line under the cost of the bank rescue scheme, Mr McDonagh.
The Spanish bank has agreed to pay €2.9 billion for AIB's 70 percent stake in Poland's Bank Zachodni WBK (BZ WBK) and €150 million for AIB's 50 percent stake in BZ WBK AIB Asset Management.
AIB made a pre-tax loss of €2.66 billion in 2009, as bad loans soared.
Ireland's government meanwhile plans to purchase €81 billion of soured property loans from the country's troubled banks by February, the head of the National Asset Management Agency (NAMA) said Friday.
The toxic loans, stemming from the 2008 collapse in world property prices, will be placed in the NAMA, which is considered a 'bad bank' and which won approval from the European Commission earlier this year.
At the moment we’re in the middle of the storm but by February of next year, NAMA will have reviewed, valued and acquired €81 billion worth of problem loans, NAMA chief executive Brendan McDonagh said in a statement.
That is key to (the banks) speedy return to lending to the real economy and the key to us drawing a line under the cost of the bank rescue scheme, Mr McDonagh.
Subscribe