IL&P pulls out of AIBIM purchase

Dublin: Irish Life & Permanent (IL&P) has said that it has pulled a bid to acquire AIB Investment Managers (AIBIM) in favour of trying to complete other transactions — including the sale of its insurance division.

Last month’s updated stress tests for the Irish banks suddenly brought IL&P into the fray and it needs an extra €4bn in capital and will probably be brought under majority Government ownership.