Allied Irish Banks (AIB) Completes EBS Building Society Acquisition
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Allied Irish Banks (NYSE: AIB) confirms the completion of the acquisition by AIB of EBS Building Society and the formation of one of two pillar banks in Ireland.
EBS, which will now be called EBS Limited, will operate as a standalone, separately branded subsidiary of AIB with its own branch network.
The €100,000 Deposit Guarantee Scheme protection continues to apply to EBS customers and AIB customers on a separate basis. For example, an EBS customer will be protected for up to €100,000 of deposits in EBS and up to EUR100,000 of deposits in AIB. Customers above €100,000 continue to be covered by the Eligible Liabilities Guarantee Scheme. Products held by the same customer in either institution will be treated as totally separate. Neither entity (AIB or EBS) will have rights over a customer's product holding in the separate institution.
EBS, which will now be called EBS Limited, will operate as a standalone, separately branded subsidiary of AIB with its own branch network.
The €100,000 Deposit Guarantee Scheme protection continues to apply to EBS customers and AIB customers on a separate basis. For example, an EBS customer will be protected for up to €100,000 of deposits in EBS and up to EUR100,000 of deposits in AIB. Customers above €100,000 continue to be covered by the Eligible Liabilities Guarantee Scheme. Products held by the same customer in either institution will be treated as totally separate. Neither entity (AIB or EBS) will have rights over a customer's product holding in the separate institution.
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