Latest news with #ColinHunt
BBC News
4 days ago
- Business
- BBC News
AIB returns to private ownership after government bailout
Allied Irish Banks (AIB), one of Ireland's two major banks, has returned to full private ownership 15 years after it needed a government bank was effectively nationalised in 2010 during the Irish banking and property Tuesday, the government said it had sold its final 2% shareholding for just over €300m (£255m).The bank's chief executive, Colin Hunt, said it "owes an immense debt of gratitude to Irish taxpayers". Hunt added that AIB "profoundly regrets that the institution had to be rescued by the state almost two decades ago".Ireland's banking sector almost collapsed in the 2000s when a property price crash was exacerbated by an international crisis which left the banks unable to find funding on global Irish government controversially guaranteed the banks' liabilities which later led to huge taxpayer-funded 2021 the Irish government began selling down its then 71% shareholding in Minister Paschal Donohoe said the completion of that process was "an important milestone in delivering on the government's policy of returning the banking sector to private ownership".Bank of Ireland returned to private ownership three years ago, but the state still has a majority stake in said the state had made an effective profit of €600m (£511m)on its €29.4bn (£25m) bailouts of AIB, Bank of Ireland and the collapse of two other institutions, Irish Nationwide Building Society and Anglo Irish Bank, cost taxpayers about €35bn (£29.8m)
Daily Mail
4 days ago
- Business
- Daily Mail
Irish bank follows NatWest back to private ownership after 2008 bailout
Allied Irish Banks has followed Britain's NatWest back to full private ownership after the Irish government sold its remaining shares after the bank's 2008 bailout. The bank, one of the Republic of Ireland's 'big four', was rescued by the Irish taxpayer with a €20.8billion package in the wake of the global financial crisis. It was confirmed on Tuesday the Irish state's remaining stake of just under 2.1 per cent had been sold, with 44million shares changing hands at €6.94 each. The €305.3million sale, the proceeds of which will be returned to the Ireland Strategic Investment Fund, means the total return to Irish taxpayers falls roughly €700million short of the bailout sum. Boss Colin Hunt said it marked a 'significant day for the group', which 'profoundly regrets' the need for its bailout and 'owes an immense debt of gratitude to Irish taxpayers for the support provided during that challenging time'. He added: 'Since then, our focus has been on rebuilding trust, repaying the state and continuing to support our customers, communities and the wider economy.' AIB, whose shares are quoted on the Euronext Dublin and the London stock exchange, has the largest branch network in Ireland to support its 3.4 million customers. The group was one of six Irish institutions rescued by the state after it was overcome by bad loan debt related to the property bubble. It follows the return of Britain's NatWest to full private ownership at the end of May after its predecessor RBS was the subject of a £45.5billion bailout by the UK Government. Around 17 years after NatWest's rescue, the state's exit marked an approximate £10.5billion loss to the UK taxpayer as the value of shares sold never recovered the initial investment. The Irish government still owns warrants enabling the right to subscribe for new shares in AIB, subject to certain conditions. AIB remains in discussion with the Irish Department of Finance regarding the potential purchase of warrants, which, if transacted, would result in the cancellation of the warrants and additional funds being returned to the state. Hunt said: 'The group has undergone significant transformation and through the implementation of our proven strategy, we are well-positioned to continue generating value for all our stakeholders over the medium-term. 'With our market-leading customer franchise, resilient revenues and a strong capital position, we remain confident in the strong fundamentals of our business and our ability to play a positive role in the Irish economy, helping to build a more sustainable future for our customers while delivering sustainable returns for our shareholders.'
RTÉ News
4 days ago
- Business
- RTÉ News
State sells final AIB shares 15 years after banking crisis
The State has sold its remaining shares in AIB, Minister for Finance Paschal Donohoe said today. The State sold a 2.06% stake in AIB at a price of €6.94 per share. This will generate about €305.3m upon settlement and brings to €19.8 billion the total amount returned to the State to date from its investment in AIB. "Once again, this transaction was well received with significant demand from a large number of high quality international institutional investors," the minister said. "This accelerated bookbuild (ABB) transaction represents our seventh such disposal in AIB and will reduce the State's directed shareholding in the bank to zero. This is an important milestone in delivering on the Government's policy of returning the banking sector to private ownership," he added. He said that on an overall basis, based off current market prices, the State is about €0.6 billion above break-even on its €29.4 billion investment in AIB, Bank of Ireland and PTSB. AIB group chief executive Colin Hunt said that reaching this milestone is a significant day for the bank. "AIB profoundly regrets that the institution had to be rescued by the State almost two decades ago and owes an immense debt of gratitude to Irish taxpayers for the support provided during that challenging time," Colin Hunt said. "Since then, our focus has been on rebuilding trust, repaying the State and continuing to support our customers, communities and the wider economy," he added. The CEO said the group has undergone significant transformation and through the implementation of its proven strategy, it is well-positioned to continue generating value for all its stakeholders over the medium-term. "With our market-leading customer franchise, resilient revenues and a strong capital position, we remain confident in the strong fundamentals of our business and our ability to play a positive role in the Irish economy, helping to build a more sustainable future for our customers while delivering sustainable returns for our shareholders," the CEO added. Today's sale will leave Ireland with a 57% stake in the smaller PTSB to sell to complete its long withdrawal from the sector. It sold the last of its shares in Bank of Ireland in 2022.
Yahoo
09-06-2025
- Business
- Yahoo
Fiserv enters deal to fully acquire AIB Merchant Services
Fintech company Fiserv has agreed to acquire the 49.9% interest in AIB Merchant Services (AIBMS) that it does not already hold. AIBMS is a joint venture between Fiserv and AIB Group and was formed in 2007. It operates as a payment solutions provider in Ireland and a e-commerce acquirer in Europe, facilitating businesses in accepting card payments. Following the acquisition, AIB Group will maintain a business relationship with AIBMS and Fiserv by continuing to refer clients in need of merchant acquiring services. AIBMS will operate under its existing brand 'under a short-term brand agreement', allowing for a phased withdrawal of the AIB brand from the business. Completion of the deal is due in the third quarter of the current year, contingent on regulatory approval and other closing conditions. Fiserv EMEA region head Katia Karpova said: 'We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading acquirers in Europe, and I look forward to continuing to work closely with them to support our mutual clients. 'Our focus will remain on delivering market-leading solutions to clients of all sizes across Ireland and the broader European market. We are particularly excited for the opportunity to accelerate the local penetration and growth of Clover, the world's smartest point-of-sale system and business management platform.' AIB CEO Colin Hunt stated: 'Following a successful Joint Venture partnership, we believe Fiserv has the commitment, experience and innovative technical solutions to grow AIBMS and that our customers will continue to be well-served under their sole ownership. Recognising the strength of the AIB customer franchise, we are pleased to support our business customers by maintaining a close on-going relationship with Fiserv. This development follows Fiserv's agreement in April to acquire Brazilian fintech company Money Money Servicos Financeiros. "Fiserv enters deal to fully acquire AIB Merchant Services " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
FF News
06-06-2025
- Business
- FF News
Fiserv to Acquire AIB Merchant Services
Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, announced today that it has agreed to acquire the remaining 49.9% of AIB Merchant Services ( AIBMS ), its joint venture with AIB Group, in a transaction focused on driving continued growth in Ireland and the broader European market. Founded in 2007, AIBMS is one of Ireland's largest payment solution providers and one of Europe's largest e-commerce acquirers. AIBMS has been very successful to date and AIB Group will continue to work exclusively with AIBMS and Fiserv by referring customers who require merchant acquiring services. Financial terms of the transaction were not disclosed. 'We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading acquirers in Europe, and I look forward to continuing to work closely with them to support our mutual clients,' said Katia Karpova, head of the EMEA region at Fiserv . 'Our focus will remain on delivering market-leading solutions to clients of all sizes across Ireland and the broader European market. We are particularly excited for the opportunity to accelerate the local penetration and growth of Clover, the world's smartest point-of-sale system and business management platform.' 'Following a successful Joint Venture partnership, we believe Fiserv has the commitment, experience and innovative technical solutions to grow AIBMS and that our customers will continue to be well-served under their sole ownership,' said Colin Hunt, chief executive officer of AIB . 'Recognising the strength of the AIB customer franchise, we are pleased to support our business customers by maintaining a close on-going relationship with Fiserv. AIB continues to implement its strategy at pace, with strong progress in each of our three focus areas: Customer First, Greening our Business and Operational Efficiency and Resilience. We wish AIBMS and Fiserv every success in the future.' The transaction is subject to regulatory approvals and closing conditions and is expected to close in the third quarter. Companies In This Post Fiserv AIB
