As part of its sale of non-core assets, Allied Irish Banks (AIB) has agreed to sell its outsourcing operation, AIB International Financial Services (AIB IFS), to Capita Group for EUR33m.
AIBIFS, which employs 100 people in Dublin and another 60 in mainland Europe, provides corporate administration, treasury management, securitization and middle and back office services to financial institutions and corporate clients.
On a pro-forma basis, AIBIFS made an operating profit for the 12 months ended 31 December 2010, after adjusting for certain overheads, of £6.2m on turnover of £24m.
The deal is subject to approval by the appropriate regulatory authorities in Ireland, Luxembourg and The Netherlands.
On completion of the acquisition, the business will integrate into Capita’s investor and banking services division.