Approval in Principle for Anglo Irish Bank’s Financial Services Business
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Anglo Irish Bank has today (Monday 11th December 2000) announced that it has been granted approval in principle by the Department of Enterprise, Trade and Employment to set up a new financial services business which will be named Anglo Irish Assurance Company. The new company, which is expected to be in operation from January 2001, will provide a range of personal, corporate and retirement investment solutions.
Commenting on the announcement, Mr Sean FitzPatrick, Chief Executive, Anglo Irish Bank, said: “The addition of an assurance company to our business enables Anglo Irish Bank to offer a comprehensive range of financial products to our customers. Customers now demand value added products that are tailored to suit their specific needs. The product offering of Anglo Irish Assurance Company will provide a unique range of high value, flexible financial services which will be fully customer focused.”
“Instead of purchasing an existing assurance company, we opted for the green-field company approach. This approach means that the new company will benefit from the
strongly recognised values of Anglo Irish Bank – a Bank that offers value, flexibility and is strongly oriented towards the customer. Our aim is to ensure that Anglo Irish Assurance Company enjoys the same success as that of Anglo Irish Bank.”
Mr Anton Davies is appointed Managing Director of the new company. Mr Davies will lead the team at the company’s head offices to be located in Heritage House on St. Stephen’s Green. Work is already at an advanced stage in recruiting staff and building an infrastructure which includes a state-of-the-art IT system with full internet functionality. Anglo Irish Bank is expected to obtain a full licence for Anglo Irish Assurance Company in the next few weeks. Roll out of the company’s range of financial services products is expected in January 2001.
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For information, contact:
Sean FitzPatrick/Mary Nolan Anglo Irish Bank Tel: 01 6162000. Trish Morrissey/Johanna Cassells
Drury Communications Ltd. Tel: 01 2605000.
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11 December 2000
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