Allied Irish Bank (AIB) has agreed to acquire AmCredit, the mortgage finance business of the Baltic-American Enterprise Fund (BalAEF).
AmCredit operates in Latvia, Lithuania and Estonia and the deal is worth approximately €40 million.
BalAEF is a Delaware corporation which is engaged in private sector development in the Baltic states.
AIB says AmCredit, which has 13 outlets and 145 staff, will give the bank entry to three high growth markets "underpinned by an experienced workforce, robust systems and processes and an established brand".
The company currently operates as a single product mortgage business. AIB will seek regulatory approval to operate through a branch in each country and in time plans to expand the range of banking products sold..
