AIB will spend $10 million (£7.4 million) on a re-branding programme in which its entire banking operations in the US will begin trading under the name Allfirst.
Yesterday, the bank announced it would consolidate all its franchises under the new name from June 28th. The bank operated its 300 branch network under several different franchises, including First National Bank of Maryland, Dauphin Deposit Bank, York Bank, Farmers Bank, Bank of Pennsylvania and Valleybank.
AIB says it selected Allfirst following intensive customer and market research. Allfirst Financial will have its headquarters in Baltimore, Maryland, with its subsidiary companies providing retail and corporate banking services to customers in southern Pennsylvania, Maryland, Washington DC and northern Virginia.
AIB first entered the US market in 1988 buying a stake in First Maryland. AIB is now one of the 50 largest bank holding companies in the US with assets of close to $20 billion. It employs 6,500.
Its outgoing chief executive in the US, Mr Gerry Casey, unveiled the brand name in Dublin yesterday. He is due to retire soon. Commenting on the operations, Mr Casey said the bank was continuously looking for opportunities to expand its US business and would assess likely acquisitions in Virginia and Pennsylvania. Within the next five years he predicted the bank could develop its US business by at least 50 per cent.
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