AIB seeks approval to buy back 10 branches sold to developer

Original 12-branch portfolio sold for €100m in 2006 now has price tag of €48m

Pedestrians walk past an  Allied Irish Banks branch : the bank wants to buy back former 10 branches: Photograph: Crispin Rodwell/Bloomberg

Pedestrians walk past an Allied Irish Banks branch : the bank wants to buy back former 10 branches: Photograph: Crispin Rodwell/Bloomberg

 

State-owned Allied Irish Banks is seeking regulatory approval to buy back 10 of the 12 bank branches it sold to developer Gerry Gannon before the property crash.

The price to be paid by the nationalised bank was not disclosed in a filing with the Competition and Consumer Protection Commission, but the 12 branches had a price tag of some €48 million when put on the market last November.

Mr Gannon spent €100 million on the purchase in 2006.

The branches to be acquired by AIB are: Dún Laoghaire; Dame Street; Donnybrook; Artane; Drumcondra; Crumlin; Sandymount; Dundrum; O’Connell Street; and Stillorgan.