Allied Irish Banks (AIB)’s €4.2 Billion Acquisition of Corporate Loan Book from Ulster Bank

McCann FitzGerald acted for Allied Irish Banks, p.l.c. (AIB) on the purchase of Ulster Bank’s €4.2 billion corporate and commercial loan book.

Allied Irish Banks (AIB) has agreed a deal with Ulster Bank to buy about €4.2bn (£3.6bn) of its performing corporate and commercial loans in the Republic of Ireland.

It also follows a period of due diligence on the loan book.

The transaction remains subject to customary regulatory approvals following which AIB intends to migrate the loan book on a phased basis over a period of 12 to 18 months. The transaction is expected to be accretive to earnings in 2023.

The McCann FitzGerald team consisted of Aidan Lawlor (Picture), Adrian Farrel, Josh Hogan, Doug McMahon, Laura Deignan, Stephen Holst, Philip Andrews and Jennifer Halpin. 

Involved fees earner: Philip Andrews – McCann FitzGerald; Laura Deignan – McCann FitzGerald; Adrian Farrell – McCann FitzGerald; Jennifer Halpin – McCann FitzGerald; Josh Hogan – McCann FitzGerald; Stephen Holst – McCann FitzGerald; Aidan Lawlor – McCann FitzGerald; Doug McMahon – McCann FitzGerald;

Law Firms: McCann FitzGerald;

Clients: Allied Irish Bank (AIB);

Author: Federica Tiefenthaler