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26/09/2002
AIB to sell bank at centre of Rusnak fraud scandal
It has been reported that the Allied Irish Bank (AIB) is on the verge of selling its scandal-hit subsidiary Allfirst to an American rival.
Reuters has reported that M&T Bank Corp will take on Allfirst for around $3 billion in cash and stock.
Sources close to the talks are reported as saying that the deal, which could be announced later today, would transfer ownership of Allfirst to M&T, with AIB receiving about a 25% stake in another bank.
At this stage, AIB released a statement today merely confirming that it is "in discussions with a US bank in relation to a possible partnership involving Allfirst Financial Inc". The bank said that it would release a further statement "in due course".
AIB had been under considerable pressure to divest themselves of Allfirst following the revelation that a currency dealer had covered up losses of around $690 million.
John Rusnak was charged with bank fraud on June 5, for which - if convicted - he could face up to 30 years in prison and a £1 million fine.
Heads have rolled over the Rusnak affair and, amid widespread criticism of Allfirst management, bank president Susan Keating resigned. Although, Ms Keating stressed that she was leaving over matters unrelated to the fraud.
However, in July Allfirst's plus-minus figures seemed impervious to the fraud allegations after it announced a 5% hike in pre-tax profits compared to the same period last year.
(GMcG)
Reuters has reported that M&T Bank Corp will take on Allfirst for around $3 billion in cash and stock.
Sources close to the talks are reported as saying that the deal, which could be announced later today, would transfer ownership of Allfirst to M&T, with AIB receiving about a 25% stake in another bank.
At this stage, AIB released a statement today merely confirming that it is "in discussions with a US bank in relation to a possible partnership involving Allfirst Financial Inc". The bank said that it would release a further statement "in due course".
AIB had been under considerable pressure to divest themselves of Allfirst following the revelation that a currency dealer had covered up losses of around $690 million.
John Rusnak was charged with bank fraud on June 5, for which - if convicted - he could face up to 30 years in prison and a £1 million fine.
Heads have rolled over the Rusnak affair and, amid widespread criticism of Allfirst management, bank president Susan Keating resigned. Although, Ms Keating stressed that she was leaving over matters unrelated to the fraud.
However, in July Allfirst's plus-minus figures seemed impervious to the fraud allegations after it announced a 5% hike in pre-tax profits compared to the same period last year.
(GMcG)
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06 June 2002
Allfirst currency trader charged with bank fraud
John Rusnak, the currency trader at the centre of the Allfirst Financial scandal, has been charged with covering up $691 million (£475 million) trading losses to boost his own earnings. A Federal Grand Jury in the US indicted Rusnak on charges of bank fraud, falsifying records, and for aiding and abetting.
Allfirst currency trader charged with bank fraud
John Rusnak, the currency trader at the centre of the Allfirst Financial scandal, has been charged with covering up $691 million (£475 million) trading losses to boost his own earnings. A Federal Grand Jury in the US indicted Rusnak on charges of bank fraud, falsifying records, and for aiding and abetting.
06 February 2002
FBI called in as AIB Group's US subsidiary loses $750M
The trader who is at the centre of a $750 million fraud at Allied Irish Banks' US subsidiary has voluntarily met with the FBI. John Rusnak, who was earlier thought to be on the run had, according to his lawyers been staying with his family in Baltimore.
FBI called in as AIB Group's US subsidiary loses $750M
The trader who is at the centre of a $750 million fraud at Allied Irish Banks' US subsidiary has voluntarily met with the FBI. John Rusnak, who was earlier thought to be on the run had, according to his lawyers been staying with his family in Baltimore.
27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
08 November 2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
29 May 2018
Ulster Bank Announce New Vertical Bank Notes
Ulster Bank has announced the introduction of two new vertical polymer banknotes, which will enter circulation in 2019. The new £5 and £10 notes are based on the theme 'living in nature' and will feature Strangford Lough, Brent geese, Lough Erne, the Irish hare and Guelder-rose shrubs.
Ulster Bank Announce New Vertical Bank Notes
Ulster Bank has announced the introduction of two new vertical polymer banknotes, which will enter circulation in 2019. The new £5 and £10 notes are based on the theme 'living in nature' and will feature Strangford Lough, Brent geese, Lough Erne, the Irish hare and Guelder-rose shrubs.
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