Allied Irish Banks, p.l.c. (AIB) has acquired AmCredit's mortgage finance operations from the Baltic-American Enterprise Fund in Estonia, Latvia and Lithuania. AIB operating through its local branches will provide financial services under established AmCredit brand in the Baltics.

This acquisition was subject to the completion of the required regulatory approvals. AmCredit currently operates as a single product mortgage business, but the company is planning to expand the range of banking products in the future. "Today we are in the process of developing a new strategy for AIB in the Baltics. As soon as the strategy is agreed we will communicate further," said Rowan Duggan, Managing Director AIB Baltics.

The change of AmCredit's legal status does not have any impact on loan conditions stated in existing loan agreements between borrowers and AmCredit. All AmCredit's mortgage customers will become automatically customers of the AIB branch in country. The Loan Officers they have been working with will continue to serve them also in the AIB branch.

Mr Duggan commented: "We plan to leverage AmCredit's current business. AIB has come to these markets to stay here for a long time and in the long run we see a good potential for developing our business over here."

Allied Irish Banks, p.l.c. has 13 outlets and 145 staff in the Baltics today.

Allied Irish Banks, p.l.c., the largest Irish-based banking group, provides a diverse range of banking, financial and related services, principally in Ireland, the United States, the United Kingdom and Poland. Total assets of the AIB Group amounted over 177 billion euros at the end of June 2007.

AIB Baltics