AIB Group PLC - Dublin-based commercial banking services provider - Agrees to form a joint venture with Canada Life Irish Holding Co Ltd, a subsidiary of Great-West Lifeco Inc. It is intended that the business' operations will be conducted through a joint venture vehicle owned 50% by AIB and 50% by Canada Life. Through this strategic initiative AIB intends to offer customers a range of life protection, pensions, savings and investment options enhanced by integrated digital solutions with continued access to our qualified financial advisors.
AIB anticipates its equity investment will be EUR90 million. This investment will cover AIB's share of the set-up costs and regulatory capital required for the joint venture.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Aib Group (AIBG)