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AIB agrees subsidiary sell-off

AIB has signed a deal to sell its subsidiary, AIB Asset Management Holdings (Ireland) Limited, to South Africa's Prescient Holdings for an undisclosed sum.

AIBIM employs nearly 100 people in Dublin and New York and the move was required as part of the Government's recapitalisation of the bank.

The agreement includes AIB Investment Managers Limited and it is believed AIB will get between €20m and €30m for the sale.