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Spanish bank in AIB sale

SPANISH financial institution Santander is the latest banking giant expected to take over AIB's 70pc stake in Polish Bank Zachodni.

The group could end up taking over most of the bank's international assets and could increase AIB's chances of getting a better than average price for its controlling stake. Analysts expect AIB's Polish operations to reach as much as €2bn.

The sale of Zachodni is seen as the key cog in the bank's overall asset disposal strategy, which is aimed at raising the €7.4bn it needs to meet its end of year refunding targets, as set out by the Financial Regulator.