Allied Irish Banks profits increase 40%, plans expansion

Allied Irish Banks (AIB) gross profits in Poland increased last year by 40% according to comments yesterday by AIB Poland chairman Gerry Byrne. Pre-tax profits totaled euro 85 million despite Bank Zachodni's loss of zl.89.9 million. AIB is strategic investor with a 60.1% share in Wielkopolski Bank Kredytowy and with 83.1% in Bank Zachodni. The two Polish banks are expected to merge in May this year, with Irish participation reaching 70.5%. As the coordinator of the integration, AIB also plans to develop e-banking, IT-system investment, and branch expansion. Byrne revealed plans to open 74 new branches and over 60 ATM's before the end of 2001 (Prawo i Gospodarka, p.10) M.T.