Allied Irish Bank (AIB) is selling off its international financial services business to outsourcing giant Captia for £29 million.
AIBIFS provides corporate administration, treasury management, securitisation and middle and back office services to financial institutions and corporate clients.
The unit, which employs 100 people in Dublin and another 60 in mainland Europe, made an operating profit for the year ended 31 December 2010 of £6.2 million on turnover of £24 million but is being shed as part of a wide ranging sell off of non-core assets by AIB.
On completion - which is subject to regulatory approval in Ireland, Luxembourg and the Netherlands - the business will integrate into Capita's investor and banking services division.
Paul Pindar, CEO, Capita Group, says: "The acquisition of AIBIFS is an excellent strategic fit for Capita. It fully complements our existing business in terms of services, client base and professional staff, while also providing Capita with the opportunity to further develop its client proposition within the financial services industry."