Addleshaw Goddard has advised AIB on a £600m loan book sale to Allica Bank Limited. The portfolio, sold following a competitive process, is made up of performing loans to UK-based Small and Medium Sized enterprises.
The AG team was led by Hugh Lauritsen and included Rosanna Bryant, Addi Spiers, Tom Crill, Emma Sadler and Jonathan Davies.
The transaction is part of AIB's overall corporate strategy to exit the SME market in Great Britain and focus on its growing Corporate Banking arm, which continues to be active across sectors including renewables, infrastructure, real estate, healthcare and manufacturing.
Hugh Lauritsen said: "This sale is a key part of AIB's commitment to reduce costs and increase focus on the Corporate banking market. We are delighted to have been able to help AIB in this latest step in their overall corporate strategy."