with anglo irish bank . allied irish banks p.l.c. the aib international finance centre in the docklands of dublin type 99.8 % state owned industry banking founded september 21 1966 ; 50 years ago 1966 09 21 headquarters dublin ireland area served ireland united kingdom key people richard pym chairman bernard byrne ceo 1 services financial services operating income to 2.6 billion 2015 net income to 1.4 billion 2015 number of employees 10 204 december 2015 website www.aib.ie allied irish banks aib is one of the so called big four commercial banks in ireland . aib offers a full range of personal and corporate banking services . aib capital markets is the division of the company that offers international banking and treasury operations . the bank also offers a range of general insurance products such as home travel and health insurance . it offers life assurance and pensions through its wholly owned subsidiary ark life assurance . in december 2010 the irish government took a majority stake in the bank which has since grown to 99.8 % . aib s shares were formerly traded on the irish stock exchange and the london stock exchange but its shares were delisted from these exchanges following its effective nationalisation . the remaining publicly traded shares of aib are now listed on the enterprise securities market of the irish stock exchange . 2 aib also owns allied irish bank gb in great britain and first trust bank in northern ireland . in november 2010 it sold its 22.5 % stake in m & t bank in the united states . at the beginning of 2008 aib entered the latvian estonian and lithuanian markets by acquiring amcredit mortgage finance business from the baltic american enterprise fund . in 2009 allied irish banks along with its competitor bank of ireland accepted a 3.5 billion euro bailout from the government of the republic of ireland as a part of the bank recapitalisation scheme . 3 by march 2011 the total sum of required bailout was expected to climb up to 13.3 billion euro . 4 aib registered office in ballsbridge an area of dublin ireland contents 1 name 2 history 2.1 early history 2.2 recent history 2.2.1 us 2.2.2 poland 2.2.3 asia 2.2.4 estonia latvia and lithuania 2.2.5 bulgaria 2.2.6 ireland 3 controversy 3.1 insurance corporation of ireland 3.2 john rusnak 3.3 tax evasion 3.4 excess fx charging issues 3.5 other charging issues 3.6 deal allocation and associated issues 3.7 charles haughey and the moriarty tribunal 4 current developments 4.1 dermot gleeson 4.2 2008 share price collapse 4.3 rescue package 2009 4.4 nationalisation 4.5 aib filed lawsuit against oracle 4.6 restructuring credit event 5 see also 6 notes and references 7 external links name edit allied irish banks is usually referred to both inside and outside the company simply as aib and often by its trade name of allied irish bank singular . in northern ireland however the bank trades as first trust bank while in great britain it is called allied irish bank gb the only part of the operation where the full name in the singular is still in day to day use . initially the bank operated under the names of its former constituent companies alongside a new aib logo a circle divided in three with an a at the centre . from 1970 these were replaced by allied irish banks . in 1990 aib introduced a new logo prompted it was said in some quarters by the remarkable similarity between its previous logo and that of mercedes benz . since then the bank has preferred to be referred to as aib though allied irish banks plc remains its legal name . the bank is often referred to colloquially as aib bank an example of a redundant acronym . this is due to the name aib bank being adopted for the republic of ireland branch banking business at the time of the 1990 rebrand with the word bank being printed in the green stripe in the logo . this version of the logo is no longer used in print advertising but can still be seen on the fa ades of most aib branches in the republic . the trustee savings banks similarly rebranded to tsb bank in 1993 . the new logo features a depiction of noah s ark after a carving on a celtic cross at killary church near lobinstown in county meath 5 which dates from the 9th century . 6 history edit allied irish banks limited was formed in 1966 as a new company that acquired three irish banks provincial bank of ireland the royal bank of ireland and the munster & leinster bank . the banks saw an alliance as the best way to overcome the fragmented nature of the irish banking industry . ireland in the mid 1960s was changing fast and the merger strengthened the banks position in the emerging global business era . in 1966 aib s aggregate assets were 323.8 million as at 31 december 2005 the aib group had assets of 133 billion . early history edit 1825 provincial bank commenced operations pioneering joint stock branch banking in ireland . it also established a branch in london . 1836 royal bank of ireland rbi commenced operations . it was known for its mercantile links . 1837 shaw s bank merged with royal bank . 1864 the munster bank is established . 1867 the munster bank purchased some of the branches of the unsuccessful union bank of ireland . 1870 the munster bank acquired the long established private bank david la touche & son . 1885 the munster bank failed due to mismanagement and fraud and is liquidated . however munster and leinster bank commences operations . eventually it will become the largest of the three banks with the most extensive branch network . 1923 the royal bank of ireland bought the irish free state business of the belfast banking company which in turn bought the northern ireland business of the royal bank . recent history edit allied irish banks s crest over the decades aib has become an increasingly international organisation . it created a branch network in britain in the 1970s . us edit in 1983 aib invested in first maryland bancorp in the usa . in july 1991 aib merged the group s interests in northern ireland with those of tsb northern ireland to create first trust bank . in july 1997 aib acquired dauphin deposit corporation which it merged with first maryland bancorp to form allfirst in 1999 . after suffering large losses due to the activities of rogue trader john rusnak at allfirst see below in april 2003 aib completed a deal merging allfirst with m & t bank corporation which is headquartered in buffalo new york . in november 2010 aib sold its 22.5 % stake 26.7 million shares in m & t. the shares were sold at 77.50 share and generated 2.1 billion . the sale was part of aib s effort to raise capital amidst the ongoing financial crisis in ireland . aib maintains representative offices in the united states in chicago philadelphia atlanta los angeles and white plains . poland edit aib invested in poland by gradually building a majority shareholding of 60.1 % in wielkopolski bank kredytowy wbk between 1995 and 1996 . in june 1999 aib reached an agreement with the polish state treasury to acquire an 80 % shareholding in bank zachodni sa . in june 2001 aib completed a merger of the two banks to create bank zachodni wbk sa . aib now owns 70.5 % of the combined bank which is a leading bank in poland in terms of asset size and key product market shares . on 9 september 2010 aib reached agreement to sell a 66 % stake in bz wbk to santander for 3.1 billion euro the balance of the shares will be sold on the open market . 7 any purchase over 66 % would have forced santander to make an offer to buy the entire company . 8 asia edit between 1999 and 2001 aib had an interest in keppel tatlee bank in singapore but withdrew after oversea chinese banking corporation ocbc acquired keppel tatlee . estonia latvia and lithuania edit at the beginning of 2008 aib entered the latvian estonian and lithuanian markets by acquiring amcredit mortgage finance business from the baltic american enterprise fund . now aib operates as a branch of this financial group in latvia estonia and lithuania . in 2008 aib operated through its local branches providing financial services under established amcredit brand in all three countries . amcredit operated as a single product mortgage business but the company is expanding the range of banking products . all amcredit s mortgage customers automatically became customers of the aib branch in their country . the goal of aib is to become a full service customer focused bank in the baltic region . bulgaria edit in february 2008 aib entered into an agreement to acquire a 49.99 % interest in bulgarian american credit bank ad a specialist provider of secured finance to small and medium sized companies in bulgaria . ireland edit the irish government received shares of 3.5 bn in aib in 2009 as part of measures to recapitalise the bank . in april 2010 aib announced that the irish government would receive a stake of 16 % or 17 % in the bank . the irish state had been due to receive dividends on those shares but eu regulations state that banks that get state aid can not make cash payments . this forced aib to give the government shares instead . 9 controversy edit this article s criticism or controversy section may compromise the article s neutral point of view of the subject . please integrate the section s contents into the article as a whole or rewrite the material . october 2014 insurance corporation of ireland edit the can of worms at ici was the headline in business & finance magazine on 8 november 1984 . 10 the insurance corporation of ireland ici was a wholly owned subsidiary of aib when it collapsed in 1985 with losses of over 200 million . when it was discovered in november 1984 that ici was operating below the statutory reserve ratio a request for further capital was made to aib ici had returned a profit of 80 million the previous year . this collapse occurred at a time of deep economic recession in ireland . the level of government debt at that time was 116 % of gdp . but the irish taxpayer bailed ici out of its difficulties . the irish government did so to ensure a continuation of the insurance business and to protect policyholders . aib claimed that it could not resolve the problems of ici without putting its core banking business in jeopardy . the investment of 85 million by aib in ici was written off and the cost to the irish taxpayer was 400 million . 11 john rusnak edit john rusnak a lone wolf currency trader at allfirst racked up losses of almost us 700 million during michael buckley s tenure as group chief executive . it was ireland s biggest banking scandal and the fourth biggest banking scandal in the world when it came to light on 4 february 2002 . 12 13 14 tax evasion edit the 90 million settlement that aib reached with the revenue commissioners in respect of deposit interest retention tax evasion in 2000 was the highest tax settlement in the history of ireland . the bank s internal auditor tony spollen 15 highlighted a potential deposit interest retention tax dirt liability of 100 million for the period 1986 1991 16 17 but gerry scanlon the group chief executive at that time rubbished this estimate describing it as infantile . the oireachtas sub committee inquiry into dirt hearing on 27 september 1999