AIB suffers losses through Polish bank
Allied Irish Banks (AIB) took another hit this week as its Polish arm saw shares downgraded by UniCredit.
The group moved Bank Zachodni BWK - which AIB holds a 70.5 per cent stake in from hold to sell - resulting in share prices tumbling, the Irish Independent reports.
Warsaw's BRE Bank also saw its stance downgraded by UniCredit, a move one of the company's analysts believes is a sign of the turbulent times ahead for the country's lenders.
"Given the ongoing deterioration in the economic and banking environment, we believe that 2009 will be a very challenging year for Polish banks," said Iza Rokicka, a spokesperson for the brokerage.
The news follows a recent scandal which saw AIB fall victim to an alleged loans scam thought to have been worth somewhere in the region of 56 million Euro involving a number of its London offices. Link
The group moved Bank Zachodni BWK - which AIB holds a 70.5 per cent stake in from hold to sell - resulting in share prices tumbling, the Irish Independent reports.
Warsaw's BRE Bank also saw its stance downgraded by UniCredit, a move one of the company's analysts believes is a sign of the turbulent times ahead for the country's lenders.
"Given the ongoing deterioration in the economic and banking environment, we believe that 2009 will be a very challenging year for Polish banks," said Iza Rokicka, a spokesperson for the brokerage.
The news follows a recent scandal which saw AIB fall victim to an alleged loans scam thought to have been worth somewhere in the region of 56 million Euro involving a number of its London offices. Link
posted by BEING HAD at 7:33 AM
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