AIB closer to off-loading its 23% stake in US bank

AIB is reportedly moving closer to concluding its second major overseas asset disposal, by off-loading its 23% stake in US bank M&T.

The New York-based institution is understood to be close to finally agreeing a deal that would see it sell a majority stake in its business to Spanish banking giant, Santander — which recently snapped up AIB’s Polish interests for just over €3 billion.

AIB — which also this week sold its stake in Goodbody Stockbrokers to Co Kerry-based company, Fexco for €24m — is in the midst of a wide-reaching foreign asset disposal round, aimed at meeting its €7.4bn end of year recapitalisation effort.