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Allied Irish Banks open for business in Toronto
Eamonn O’Loghlin
Allied Irish Banks, p.l.c., (AIB) has established a corporate lending branch in Toronto, having received final regulatory approvals from the Irish and Canadian authorities.
As part of the AIB Corporate Banking North America business unit, the Toronto branch reflects the significant ongoing expansion of the business which, since its inception in 2000, has also established offices in New York, Los Angeles and Houston. Professionals working from these centres including Toronto, are supported by a substantial team based in Dublin and have full access to the resources and underwriting strength of the AIB Group.
AIB is Ireland's leading banking and financial services organization. It operates principally in Ireland, Britain, Poland and North America and employs more than 24,000 people worldwide in more than 780 outlets. The Group operates through four main Divisions: AIB Bank (Republic of Ireland), AIB Bank (Great Britain and Northern Ireland), AIB Poland and AIB Capital Markets.
AIB's dominant business strategy is to develop mutually rewarding customer relationships offering high quality banking advice, services and products. Relationship banking and investment management businesses account for more than 90% of AIB's activity.
AIB has maintained an active presence in North America since the mid-1970s. Currently, in addition to its Treasury and not-for-profit sector businesses, AIB also has a 23.5% stake in M&T Bank, one of the top regional banks in the US. AIB shares and depositary receipts are quoted on the Irish, London and New York stock exchanges.
The new Toronto branch located on York Street will engage in three areas of corporate lending across Canada: Leveraged Finance, Energy and Project Finance and Real Estate. Daniel Simunac and Andy Shao have responsibility for the Real Estate and Leveraged Finance sectors respectively. Rana Toukan specializes on Energy and Project Finance transactions, and reports to Chris Gifford.
Dubliner, Tony O’Reilly, Senior Vice President, was transferred in July from AIB’s New York branch to head Leveraged and Corporate Finance activity in Canada. Tony recently stated, “AIB is very happy to be closer to current and future clients and partner institutions in Canada. Establishing a branch to conduct banking business in Canada, rather than from our other locations, underlines AIB's commitment to expanding into key centres where our experience and approach can add value to the local market.”
As AIB’s Toronto team settle into their new offices at 70 York Street they are quite excited about the possibilities in the Canadian market. “We have had a very promising initial few months of operations which bodes well for the future”, says Tony in his friendly Dublin accent. “With the full support of our team back in Dublin, we feel very strongly that the Toronto operation will be another success story in the evolution of our company in North America”.