AIB sells its UK loan book for €713m

Exits from SME lending will aloow UK unit to focus on corporate banking

AIB said the move will save the bank €35m. File Picture: Artur Widak/NurPhoto

AIB has reached an agreement to sell its UK small business loan book for £600m (€713m) to Allica Bank.

In a statement, AIB said the proceeds of the sale will be used for general corporate purposes. Up to the end of 2020, the loan portfolio incurred a loss before tax of £9m (€10.7m).