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Irish bank AIB sells Polish assets

Irish bank AIB sells Polish assets

Troubled Irish bank AIB said Friday that it had agreed to sell its Polish banking assets to Spanish lender Santander for 3.1 billion euros (US$3.9 billion) in cash.
"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 euros," AIB said in a statement.
Santander agreed to pay 2.9 billion euros for AIB's 70 percent stake in Poland's Bank Zachodni WBK (BZ WBK) and 150 million euros for AIB's 50 percent stake in BZ WBK AIB Asset Management.
AIB made a pre-tax loss of 2.66 billion euros in 2009, as bad loans soared.
Ireland's government meanwhile plans to purchase 81 billion euros 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 euros (US$103 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."
Santander, Spain's largest bank, has been present in Poland since 2004 through its Santander Consumer division and it acquired AIG's consumer finance
business last May.
"We know the Polish market well through our Santander Consumer unit. The acquisition of Bank Zachodni WBK allows us to focus in Poland on retail and commercial banking, our core business, giving us critical mass in a market with high growth potential," Santander chairman Emilio Botin said in a statement.


Updated : 2021-05-15 01:29 GMT+08:00