Thu, 01 Apr 2010 | BUSINESS SALE
Staff at First Trust are said to be shocked at news that its owner, Allied Irish Bank (AIB), is selling the division off.
AIB has confirmed that it is putting its UK arm and First Trust up for sale in an attempt to raise part of its EUR 7.4 billion target.
First Trust is one of several divisions being sold off along with the US and European divisions AIB is selling to fill a “black hole” in its finances. This black hole came about after it sold EUR 23 billion worth of loans to the National Asset Management Agency in the Republic of Ireland. It sold the loans at a discount of 43 per cent.
The Irish government says it will take a majority stake in AIB if it fails to raise necessary funding through attracting private equity investment.
Members of the Irish finance workers union are said to be "profoundly distressed, confused and angry," about the news that First Trust will be sold off. The Union’s Larry Broderick explained, 'our members in First Trust Bank who have worked so hard to build up the business in the most difficult circumstances feel betrayed by a senior management team that considers them to be dispensable."
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
|
11
|
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
|
11
|
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
|
11
|
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
|
11
|
|
Jul
|
CubeMatch acquires professional services firm DVCP | BUSINESS SALE
Global change and transformation consultancy CubeMatch has c...
|
11
|
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
|
11
|
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.