ANGLO IRISH BANK:ANGLO IRISH Bank, with a market capitalisation of some €3.3 billion, is the third-largest financial institution on the Irish Stock Exchange, behind AIB and Bank of Ireland.
In common with each of the other quoted Irish lenders, its share price has lost significant ground in recent months as investors took account of the decline in the Irish economy and the fall in the domestic property market.
The stock closed 1.14 per cent weaker last night at €4.35. This compares with a high of €14.48 last October. Still, widespread talk in the Dublin market that the bank was involved in a process that might lead to a takeover of Irish Nationwide Building Society saw the shares change hands at €4.90 at one point yesterday.
It was under the stewardship of Seán FitzPatrick, the bank's chief executive for 22 years, that Anglo came from small roots to gain a place in the top echelon of Irish institutions. Mr FitzPatrick, now chairman, was succeeded three years ago by the current chief executive, David Drumm.
Mainly a business lender with operations in Ireland, Britain and the US, the bank does not operate a branch network. However, it accepts deposits from consumers.
The bank enjoyed rapid growth from the mid-1990s as the economy took off. It has deep relations with numerous property developers and was involved in funding high-profile developments such as Dundrum Town Centre.
Previous acquisitions include its purchase of a loan book from Bayerische Hypo-und Vereinsbank and takeover of Smurfit Paribas Bank and Credit Lyonnais (Austria).
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