AIB opens first Oz branch in Sydney
AIB has been granted a full corporate licence to operate a branch in Sydney, becoming the first Irish bank to open a branch in Australia.
The branch will operate as a launch pad to break into the lucrative Asia-Pacific market. AIB in Sydney is already recruiting staff and hinted that there could be opportunities available for experienced bankers from Dublin and London.
"We brought out an initial quota (of staff) with us and we have an immediate requirement for another five people," said Bruce Thomson, head of the Sydney office. Asked about the purpose of the branch, Mr Thomson said: "We identified a clear opportunity here a few years back.
The bulk of our business is to do specific lending to acquisitions finance, structured finance and asset finance for larger corporations," he said.
AIB has long-term plans to target the Asian market but Sydney will be the focus of its core business in the immediate future.
"We're cautiously optimistic about the business in Asia. But the focus is on the Australian market at the moment, which has the same regulatory framework as in Ireland, more or less," he said.
- Leah McLennan
