AIB announces joint venture with Aviva
Allied Irish Banks, today announced that it has agreed the terms of a joint venture with Aviva plc for the manufacture and distribution of life and pensions products in the Republic of Ireland.
The joint venture brings together Hibernian Life & Pensions Limited, the third largest company in the Irish long-term savings market, and Ark Life Assurance Company Limited, the fourth largest. AIB will own an interest of 24.99 per cent in the joint venture and will enter into an exclusive distribution agreement. Hibernian will own 75.01 per cent of the new combined operation.
Donal Forde managing director of AIB Republic of Ireland said: “This joint venture marks the formation of a new leading player in the life, pensions and investments market in Ireland. In combining the proven distribution capability of AIB with the international bancassurance experience of Aviva, we believe that we have devised an innovative formula that will provide a comprehensive range of quality products to our customers.”
