AIB completes Hibernian and Ark Life venture

AIB has completed its transaction for a new bancassurance joint venture between long-term savings players Hibernian Life & Pensions and Ark Life.

AIB announced on November 22 that it had entered into a contract for the new joint venture.

Hibernian Life & Pensions Limited is the third largest company in the Irish long-term savings market. AIB-owned Ark Life is the fourth largest.

The completion of this transaction follows the approval of the European Commission and the Financial Regulator.