Wednesday 28 September 2016

AIB will spend €30m on business internet revamp

Published 24/09/2015 | 02:30

The entrance to AIB headquarters on Serpentine Avenue. Photo: Gerry Mooney
The entrance to AIB headquarters on Serpentine Avenue. Photo: Gerry Mooney

State-owned AIB is to spend an estimated €30m revamping its internet banking site that's used by business customers.

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The project is only just starting, with AIB expected to take three years to complete the overhaul.

The bank is expected to have a team of up to 25 people working on the project.

AIB wants its made-over internet service to serve all its business customers in Ireland, its First Trust operation in Northern Ireland, and Britain.

Last year, AIB said that it had a total of 520,000 active mobile users and 100,000 active tablet users.

Its customers completed 33m transactions online in 2014. That included transactions by both individual and business customers.

Earlier this month, AIB announced the appointment of Robert Mulhall as its director of retail and business banking. He replaced Bernard Byrne, who took over as AIB chief executive in May.

AIB's retail and business banking division was only established this year. It generated more than 75pc of AIB's €1.2bn operating profit in the first half of the year.

The bank's work on its business internet service comes as the Government lines up a likely sale next year of a 25pc stake in AIB.

While there had been an initial expectation that the sale could happen this year, Finance Minister Michael Noonan said this month that he didn't want to sell the stake in the middle of an election cycle.

He said that it would be summer next year "at the earliest" before a stake sale is back on the agenda.

But Mr Noonan expects to recoup about €4bn from AIB prior to a share sale as the bank redeems the State's €3.5bn of preferred stock and €1.6bn of contingent convertible notes.

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