AIB Announces Alliance Of Jersey and Isle of Man Operations
Allied Irish Bank (AIB)
announced this week an alliance of its Jersey and
Isle of Man operations. Formerly known as AIB Bank
(Isle of Man) Ltd., and AIB Bank (CI) Ltd, the banks
will now perform under the new umbrella of AIB Offshore.
The motivation behind the alliance is to make bank,
customer and intermediary transactions and communications
more simple and efficient. The bank will continue
with its wide range of financial services, including
major investment opportunities, but they will now
be available from the one source. Joe Moynihan, head
of business development at AIB Offshore, states: 'together
we shall create tailor-made services neatly and effectively
to deliver exactly what our offshore customers need.' Mr Moynihan emphasizes
that the alliance is neither a merger nor an amalgamation
but simply a connection between both banks, which
will be of mutual benefit to them and their customers.
Furthermore, AIB Offshore has reassured its staff
in both jurisdictions that their jobs will not be
under threat. AIB became the first
Irish bank to establish a banking subsidiary on the
Isle of Man in 1977. Since this time, it has expanded
its operations into trust, corporate and investment
activities. The bank, which has been operating in
Jersey since 1981, and has assets of over £1
billion, announced pre-tax profits £8.1 million
last year. AIB is going from strength
to strength. The Independent on Sunday has tipped
the bank as a 'buy', which is likely to encourage
UK investors to the bank. This must be welcome news
for the AIB. As Ireland's largest bank, it has encountered
a sharp decrease in its share price over the past
year as low interest rates and rivals (such as Northern
Rock and Bank of Scotland) have reduced margins. .
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