Business bank AIB GB doubles lending

Allied Irish Banks expressed satisfaction with their British business growth. Picture: AP

ALLIED Irish Bank (GB), which specialises in loans to businesses, doubled its new lending to just under £1.1 billion last year.

The announcement came after parent company AIB Group announced a return to profitability during 2014.

Gerard O’Keeffe, head of the unit which has offices in Edinburgh and Glasgow, said: “We are very happy with how our business is building in Great Britain.

“We are operating in a unique position for business banking between the challenger banks and the big four. We have adjusted our business to emphasise those strengths that our customers tell us are most valued. It is an exciting time because our business has lots of room in the market to grow.”

The division now operates from 16 locations and employs more than 600 staff.

Earlier this month Dublin-based AIB Group reported a pre-tax profit of €1.1bn (£780m) for 2014, a swing from a loss of €1.7bn before tax in 2013. Its return to the black was helped by a 50 per cent rise in corporate and business lending and an 18 per cent fall in overall mortgage arrears in its core Irish market.

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