Allied Irish Banks Plc said Ireland's High Court approved its scheme for the introduction of new holding company, AIB Group Plc, as well as the related reduction of Allied Irish Bank's capital.
A formal order confirming the court's decision is expected to be issued shortly. Allied Irish Banks has proposed for the scheme to be effective no later than Dec. 8, immediately upon filing of the court order with the Companies Registration Office.
Meanwhile, AIB Group has applied for its entire issued ordinary share capital to be admitted to the primary listing segment of the Irish stock exchange and to the premium listing segment of the U.K. Financial Conduct Authority, and to trading on the Irish exchange's main securities market and the London stock exchange's main market for listed securities, with the admission expected to be effective Dec. 11.
Allied Irish Banks' shareholders earlier approved the formation of the new holding company, which the bank will carry out to comply with European rules on bank resolution.
