AIB today completed the acquisition of EBS, which was announced by Finance Minister Michael Noonan on March 31 . He said that that the two institutions would be merged to form one of two ‘pillar’ banks.
The new EBS entity will be called EBS Limited, which will operate as a separately branded subsidiary of AIB with its own branch network.
Every share account in, and deposit with, EBS Building Society will become a deposit of the same amount with EBS Limited . AIB said EBS customers could continue to carry out their business as usual.
AIB also said today that the €100,000 deposit guarantee scheme protection would apply to EBS and AIB customers separately. The Eligible Liabilities Guarantee Scheme (ELG) guarantees all deposits in the participating institutions over the €100,000 limit.