AIB sells client trust operation for £12.5m
First Trust parent company Allied Irish Banks has sold off a trust services operation based in Jersey for £12.5m.
Outsourcing giant Capita snapped up Jerseytrust Limited, which was hived off by AIB as part of its continuing sale of non-cash assets.
The deal is subject to the approval of the Jersey Financial Services Commission and the Jersey Competition Regulatory Authority. Jerseytrust provides trust services to private and corporate clients, and made an operating profit of around £2m on £7.7m turnover in the year to the end of December.
Meanwhile, the bank announced yesterday that it would delist its American depository shares from the New York Stock Exchange. A spokesman said the decision was made “in light of the increase in the Irish government’s shareholding ... to 99.8% on July 27, 2011, and the savings in costs and administrative efforts that would result from the delisting and any subsequent deregistration under the Exchange Act”.