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AIB launches sell-offs

ALLIED Irish Bank (AIB) will begin selling off its interests in the UK, the US and Poland.

The bank confirmed it has appointed AIB Corporate Finance and Morgan Stanley to oversee the sale of Polish BZWBK and its interest in M&T, with AIB Corporate Finance overseeing the sale of its UK business. The bank said it expected proceeds from the sales to exceed market estimates.

The Financial Regulator has decided that AIB must raise additional equity capital of €7.4bn to meet its new capital standards of 8pc of tier 1 capital by the end of the year.