AIB buys Baltic finance group

AIB has announced its plans to purchase mortgage finance business of the Baltic-American Enterprise Fund AmCredit, which operates in Latvia, Lithuania, and Estonia.

The deal is worth around €40m.

BalAEF is a Delaware company set up in the 1990s following legislation enacted by the US Congress to promote private sector development in the Baltic states.

The International Finance Corporation, the private sector arm of the World Bank Group, has played an important role in its development over the years.