Allica Bank has decided to purchase AIB Group’s £600m SME lending book, following the latter’s decision to exit from the United Kingdom’s SME market. The transaction will witness around 2,000 SME borrowers transferring to Allica Bank. After the deal gets completed, Allica Bank will have a combined total lending book of over £1 billion. Allica Bank CEO Richard Davis said that his bank is working closely with AIB to ensure the customers’ smooth and seamless transition. The migration of loans will happen on a phased basis, with the process likely to begin by the end of this year and get completed over the course of 2022.
