Dukes: Arnotts takeover will improve return to bank

Chairman of Anglo Irish Bank Alan Dukes has said he is happy that the takeover of Arnotts would preserve both jobs and the store's brand name.

Mr Dukes' comments come in the week that the State-owned bank reported losses of €8.2bn for the first six months of the year.

Arnotts was placed under the control of Anglo Irish Bank and Ulster Bank in July.

Mr Dukes says the two banks worked well together: "…What we've done there will improve the return to Anglo Irish Bank…It has been a very constructive engagement between Anglo and…Ulster Bank."