Santander Purchases Pieces of AIB

Allied Irish Banks (AIB) sells a 70% stake in Bank Zachodni WBK, from Poland, to Banco Santander. The Spanish bank agreed to pay $3.7B for AIB's assets. Banco Santander has been on a tear diversifying its business in recent months, picking up struggling banking businesses from all over the world. The bank recently bought over 300 branches from the Royal Bank of Scotland for $558M. Upon the news of picking up these Polish assets, Allied Irish Banks stock price jumped 8% in afternoon trading.