UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the date of 29 June, 2007
ALLIED IRISH BANKS, public limited company
Bankcentre, Ballsbridge, Dublin 4, Republic of Ireland
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F..X... Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..X...
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ________
For immediate release 29th June, 2007
AIB to acquire AmCredit
Allied Irish Banks, p.l.c. ("AIB") (NYSE: AIB) has entered into an agreement to
acquire AmCredit, the mortgage finance business of the Baltic-American
Enterprise Fund ("BalAEF"). The business, which has a strong track record in
mortgage lending, operates in Latvia, Lithuania, and Estonia. It was
established in 1997. BalAEF is a Delaware corporation chartered in 1994,
pursuant to legislation enacted by the U.S. Congress to promote private sector
development in the Baltic States. The International Finance Corporation (the
private sector arm of the World Bank Group) has played an important role in its
development over the years.
AmCredit, which has 13 outlets and 145 staff, will give AIB entry to three high
growth markets underpinned by an experienced workforce, robust systems and
processes and an established brand.
The consideration for the transaction, which will comprise both up-front and
earn-out components, is expected to be in the order of EUR40m.
AmCredit currently operates as a single product mortgage business. AIB will
seek regulatory approval to operate through a branch in each country and in time
expand the range of banking products sold.
The transaction is subject to the completion of the requisite regulatory
approvals.
Eugene Sheehy, CEO of AIB said: "We look forward to working with AmCredit's
management and staff in the development of the business in the years ahead.
AmCredit gives us an established foothold in the high-growth Baltic market and
an opportunity to develop our business in a market contiguous to our Polish
operations. We plan to grow its business and to expand the range of banking
products sold into these new markets."
- ENDS-
For further information, please contact:
Alan Kelly Ronan Sheridan
General Manager, Group Finance Group Press Officer
AIB Group AIB Group
Bankcentre Bankcentre
Dublin 4 Dublin 4
Tel: +353-1-6412162 Tel: +353-1-6414651
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorised.
ALLIED IRISH BANKS, p.l.c.
(Registrant)
Date 29 June, 2007 By: ___________________
John O'Donnell
Group Director, Finance,
Risk and Enterprise
Technology
Allied Irish Banks, p.l.c.