AIB to sell joint-venture stake to New York bank

AIB is in talks with Bank of New York to sell its 50 per cent stake in their joint venture-fund administration business for an undisclosed sum. The two banks operate the business in the International Financial Services Centre (IFSC).

AIB/BNY Securities Services, which is the second largest fund administration player in the IFSC, could be valued at as much as €150million if a deal is completed, as expected, in the coming weeks.

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