AIB will take over EBS for nominal €1 sum

JUST one euro will change hands in the transaction that will see Allied Irish Banks (AIB) plc take over EBS Building Society as part of the Government drive to stabilise the Irish banking system.

The move will see the two credit institutions merge to create a second Irish “pillar” bank, in addition to Bank of Ireland, and is seen as a key element of the Government’s restructuring plan announced on March 31.

Once the transaction is complete, EBS will operate as a wholly-owned fully licensed subsidiary of AIB, but will continue to operate under the EBS brand.