AIB has said that it is to shut down its subsidiary offshore companies in the Isle of Man & Jersey next year.
AIB said in a statement today that it will wind down operations on the islands of Jersey and the Isle of Man and will cease operations in December 2013.
AIB currently has 170 employees in total in both locations.
The bank has two subsidiaries, AIB Bank (CI) Limited and AIB International Savings Limited, in these locations.
AIB Bank (CI) Limited is in Jersey and also in the Isle of Man. 56 people are employed in Jersey and 68 in the Isle of Man.
AIB International Savings Limited is only in the Isle of Man where 46 people are currently employed.
AIB has had a presence in Jersey for 30 years and Isle of Man for 35 years.
An AIB spokesperson said no decision has been made on whether there will be job losses and/or redeployment. A consultation period with staff is due to begin immediately. It will last for 30 days. Following this process more information will be available.
"The decision to wind-down the business by the end of next year is part of an on-going strategic review being undertaken by AIB. It forms part of the overall plan to become a smaller, domestically focused bank," a statement from the bank said.
"Ongoing uncertainty in financial markets since 2009 has had implications for the business and created difficulties that challenge the viability of the offshore business model for AIB. The decision has been taken following lengthy and due consideration," said Joe Moynihan, AIB Jersey & Isle of Man CEO.
AIB says customers of the subsidiaries will be contacted to discuss future arrangements and will be facilitated with banking services until alternative arrangements are put in place.
