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AIB quits NY stocks listing to save money

MAJORITY state-owned bank AIB has officially announced its intention to delist from the New York Stock Exchange (NYSE).

The move means that it will terminate the deposit agreement with The Bank of New York Mellon and, in due course, it will terminate the registration of AIB's securities with the US Securities and Exchange Commission.

The Board of Directors made the decision in light of the increase in the Irish Government's shareholding in the bank to 99.8pc in July,

The bank said that it took into account the savings in costs and administrative efforts that would result from the delisting and any subsequent deregistration under the Exchange Act.