Allied Irish Banks (ALBK.I) will remodel itself as a single business and is reshuffling its top management in preparation for its role as one of just two main lenders in a restructured Irish banking system. AIB, effectively nationalised after accepting billions in government aid to plug capital shortfalls exposed by the financial crisis, will operate as a single bank instead of a collection of separate businesses, it said on Tuesday. The new structure will be based around three customer-focused divisions and will also include a "non core" unit tasked with managing, and in some cases selling, unwanted assets. "This is the most challenging change programme AIB has ever undertaken," AIB Executive Chairman David Hodgkinson said in a statement.
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