AIB has reached an agreement to acquire the privately owned New York-based Community Counselling Service Co Inc (CCS), the world's largest consultancy firm to the not-for-profit sector.

CCS, which has an office in Dublin, has net assets of about $1 million (€1.12 million), and is directing fundraising compaigns aimed at securing $3 billion. If successful, it would bring total funds raised for clients to about $10 billion since the firm was founded in 1947.