Upon Acquisition, AIB will operate EBS as a standalone, separately branded subsidiary with its own branch network.
26 May 2011:
EBS customers will be notified in writing next week by the Building Society that EBS is to be combined with AIB to form one of the two Pillar Irish Banks. Following the announcement by the Minister for Finance on 31 March to combine both entities, the NTMA and the Department of Finance have been working with both organisations to address the legal issues needed to implement the Government’s decision. The new Pillar Bank is expected to be effective on 1 July, subject to regulatory approval. Upon acquisition of EBS, AIB will operate EBS as a standalone, separately branded subsidiary with its own branch network.
The new combination means demutualisation of the Society and its acquisition by the AIB Group. The new entity will retain the EBS name, but because it will no longer be a building society it will be called EBS Limited. Every share account in, and deposit with, EBS Building Society will become a deposit of the same amount with the new EBS entity. Membership rights will not exist on the accounts held by existing customers of EBS in the new entity.
EBS Chief Executive Fergus Murphy commented on the progress made so far “We have made significant progress so far in our discussions. Upon acquisition of EBS, AIB will operate EBS as a standalone, separately branded subsidiary with its own branch network. Customers can continue to do business with us as they have always done and can be assured that their deposits remain fully guaranteed under the Deposit Guarantee Scheme and the Eligible Liabilities Guarantee Scheme.”