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AIB cools on [euro]500m plan for Eagle Star Life.
(From Irish Independent)
AIB's [euro]500m plan to acquire Eagle Star Life has run into bother, leaving its revised strategy for the life and pensions market possibly in tatters.
Bankcentre has not commented at any stage during the six-month negotiations, neither to confirm nor deny that it was in talks with Zurich Financial, the owner of the two Eagle Starbusinesses in Ireland.
AIB was not interested in acquiring the general insurer, Eagle Star Insurance.
"No comment" was all a bank spokesperson would say yesterday.
But sources believe the bank's thinking on the plan to merge Ark Life, its own life assurer,with Eagle Star, has now changed, with the likely result that the deal will not now beconsummated.
The merger would have created, in the long term, a life office equalling Bank of Ireland'snear-19pc market share and offering serious competition to Irish Life's 24pc market leadership.
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