AIB HAS sold its near-50% stake in a Bulgarian bank, which cost €216 million just three years ago, for a mere €100,000.

BANK OF IRELAND, the nation’s largest bank, is preparing to sell its remaining $1.8 billion (€1.3bn) of US real-estate loans after regulators ordered it to shrink its balance sheet.

AIB has entered into an agreement to acquire a 49.99% stake in Bulgarian-American Credit Bank (BACB) for €216m.