LONDON (Alliance News) - FTSE 250-listed roadside assistance company AA PLC on Wednesday said it has struck a financial services partnership with the Bank of Ireland UK.
Under the ten-year deal between the pair, the AA will offer Bank of Ireland retail financial services products to its UK customers. The range will be AA-branded and will cover credit cards, loans, cash savings and mortgages.
The first product, a credit card, is expected to be launched this month, with further products to be launched over the course of 2015. The first AA-branded mortgage product it expected to come to market in 2016.
"This new venture builds on the AA's brand strength and financial services expertise and lays the foundations for the AA to develop a long-term strategic financial services proposition. BOI UK has proven skill in delivering successful partnerships, and will provide us with the platform to do this," said Bob Mackenzie, AA's executive chairman.
"This new partnership with the AA is an important development for Bank of Ireland, building on the highly valued long term and successful financial services partnership which we have in the UK with the Post Office," said Bank of Ireland Chief Executive Des Crowley.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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