AIB confirms overseas bank approach

ALLIED Irish Banks confirmed yesterday that it has been approached about the possible sale of a minority stake to an overseas bank, understood to be the Canadian Imperial Bank of Commerce (CIBC).

CIBC is one of Canada’s biggest banks, employing 40,000 staff at more than 1,000 branches.

CIBC told RTÉ last night that “it did not comment on market rumour and speculation”.