Allied Irish Banks plc (AIB,ALBK.L) Thursday said it reached an agreement with the Minister for Finance, the National Treasury Management Agency and EBS Building Society to buy EBS. Following completion of the deal, EBS would operate as a wholly owned, fully licensed subsidiary of AIB.
The transaction has been approved by the Minister. It is expected that the Transaction would complete on 1 July 2011, following the statutory notice period required as part of the demutualisation process and satisfaction of various conditions, including the receipt of regulatory approvals.
The transaction would be effected pursuant to an acquisition conversion scheme mechanism under Part XI of the Building Societies Act whereby EBS would be demutualised by conversion from a building society into a private limited company, to be called EBS Limited, the entire issued share capital of which would be held by the Minister.
Upon completion of the Transaction, EBS Limited would operate as a separately branded subsidiary of AIB with its own branch network.
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