AIB to press on with sell-off of M&T stake
AIB is expected to press ahead and conclude a deal on the disposal of its 23pc stake in New York-based lender M&T Bank, despite reports that merger talks between M&T and Spanish group Santander broke down.
Shares in M&T fell by as much as 7pc as merger discussions between the US lender and the Spanish bank failed.
Santander, which snapped up AIB's Polish lender WBK Bank Zachodni for about €3.1bn, has been in discussions with the Irish bank about purchasing its stake in M&T.
However, its understood that discussions between M&T and Santander stalled over a disagreement about who would control the combined bank.