Progress on AIB’s Polish bank sale

POLAND’s Bank Zachodni has said it has held four meetings with potential buyers of AIB’s controlling interest in the company, but declined to say if the sale process was close to conclusion.

The sale of AIB’s 70% stake in the institution is seen as a key element of its overseas asset disposal programme and, as such, its efforts to reach its €7.4 billion post-NAMA end-of-year 8% tier-one capital ratio requirement, put in place by the Financial Regulator and the Government in March.

Management at Zachodni spoke sparingly on the sale process, on the back of its quarterly results announcement yesterday. They also declined to clarify if the four meetings were held with four individual suitors or if any interested party had been met more than once.