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."
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