Allied Irish Banks to Sell Asset Management Arm to Prescient

November 28, 2011

On November 21, 2011, RTTNews.com reported that Allied Irish Banks Plc had agreed to sell AIB Asset Management Holdings (Ireland) Limited to South Africa-based Prescient Holdings Limited for an undisclosed amount.


On November 21, 2011, RTTNews.com reported that Allied Irish Banks Plc had agreed to sell its asset management business, AIB Asset Management Holdings (Ireland) Limited, to Prescient Holdings Limited.  Prescient is a South Africa-based investment firm.  Financial terms of the transaction, which is expected to close during the first quarter of 2012, were not disclosed.  Pursuant to a restructuring agreement with the European Commission, AIB was asked to shed the asset management unit, which managed approximately €8.4 billion in assets.

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Categories

Investment Manager M&A, Transactions