AIB buys branches back from Nama developer Gannon

AIB is buying back most of the portfolio of its own bank branches that it sold to Nama developer Gerry Gannon during the boom, at a knockdown price.

Gannon, who is selling to pay down debt as he pursues a Nama exit, originally bought 12 of AIB’s top Dublin branches in a €100 million sale and leaseback deal in 2006.

It’s not known who financed the deal.

Now the state-owned bank is getting ...