AIB ‘faces delay’ in sale of Polish bank stake

AIB is unlikely to be able to wrap up the sale of its Polish operations by the end of this month and could even be facing a huge challenge to conclude a deal before the end of the year.

According to a source familiar with the workings of the Polish banking and regulatory systems, “both AIB and foreign bidders are underestimating the process of getting a deal done and the ability to meet the year-end deadline set down by the regulator in Ireland”.

AIB is in the midst of a well-publicised race to raise €7.4bn in fresh capital by the end of the year to meet Government guidelines, something it is aiming to do through the disposal of most of its non-Irish based assets. Chief amongst these is its 70% stake in Bank Zachodni in Poland.