AIB has been given the go-ahead to take a majority stake in the Polish bank Wielkopolski Bank Kredytowy (WBK).

The Polish Securities Commission said it had no objections to AIB's subsidiary AIB European Investment raising its stake from 36.3 per cent of WBK to more than 50 per cent

AIB has said it wanted to raise the stake to a majority within three years. It plans to buy up the 23.9 per cent held by the European Bank for Reconstruction and Development.