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Ireland names global coordinators for potential AIB float

Ireland's department of finance on Dec. 16 appointed Bank of America Merrill Lynch, Davy and Deutsche Bank global coordinators to assist in a potential future IPO of Allied Irish Banks Plc.

The appointments, for a period of 18 months, come after a competition for global coordinators that opened in November.

The department of finance, along with its independent financial adviser, Rothschild, and AIB, will work closely with the appointed firms to continue to lay the groundwork for the potential sale of some of the government's stake in the Irish lender.

"The appointment of these global coordinators is an important step in preparations for the future sale of part of the state's shareholding in AIB," Finance Minister Michael Noonan said. He added that there currently remains no fixed timetable for a sale, which will depend on market conditions. He noted that the appointments will ensure that the government has an option to sell part of its stake during 2017 or early 2018.