Allied Irish Banks (AIB) has entered into an agreement to sell its entire stake in Goodbody Holdings and associated companies, including Goodbody Stockbrokers (the Group), to Fexco Holdings for approximately €24m.
According to AIB, the agreement is subject to a net asset adjustment for the period up to completion. If the Group is sold for cash within the three year period following completion for a price in excess of that paid by Fexco or if certain assets of the Group are realized for cash within a similar period, additional consideration, subject to a cap, may be payable.
Completion of the transaction is conditional upon obtaining certain regulatory approvals.
AIB must raise €7.4bn by the end of 2010 if it is to avoid majority state ownership. The bank has already sold share in polish banks in a bid to raise the required capital.
AIB has also sold its shares of Bank Zachodni WBK in Poland for approximately €3bn earlier this month.