Double vision as AIB hits buying trail

IRELAND'S biggest company, Allied Irish Banks, is on the hunt for British acquisitions with plans to double its business over here within four years.

The expansion should be confined to business banking where AIB sees scope for growth despite a crowded market dominated by the big four High Street lenders.

Robbie Henneberry, general manager of AIB (GB)'s 45-strong branch network, told the Evening Standard he was 'open to acquisitions in the UK at the moment'.

While AIB was concentrating on pure business banking in the UK - the firm began to exit British High Street lending in 1996 - Henneberry did not rule out taking on some high net-worth retail banking if it was complementary to its target client base of owner managers and small-to-medium sized businesses.

He said AIB is shortly to open two more London business branches in Islington and Swiss Cottage, bringing the number of outlets within the M25 area to 19 out of 45 in the UK.

Staff numbers are up 15% over the past two years to 1250. 'Organic growth' would continue he added.

AIB's group profits rose 11% in 2004 to €695m (£469m), boosted by €289m profits from its British and Northern Ireland operation, a rise of 17%.