AIB To Appoint Directors to Keppel TatLee Board.

DUBLIN, Ireland--(BUSINESS WIRE)--

Allied Irish Banks, p.l.c. ("AIB") (NYSE: AIB;AIBPR:FMBPR) is to appoint Walter Coakley, currently General Manager, Strategic Development Unit, AIB Bank, to the board of Keppel TatLee Bank (KTL), Singapore. Mr Coakley will be an Executive Director of KTL and will be based in Singapore. He will take up his post on the completion of AIB's strategic alliance agreement with the Singapore Bank, which is subject to KTL shareholders' approval and regulatory approvals.

Mr Coakley, 46, joined AIB in 1981. He has previously worked extensively overseas for AIB as Senior Vice President AIB New York from 1984 - 1988 and in various posts in the UK, including Head of Corporate Banking and Head of Deposit and Investment Services, from 1988 - 1994.

Commenting on the appointment AIB Group Chief Executive, Tom Mulcahy said:

"This is an important assignment which will substantially enhance AIB's long term positioning in both Singapore and the wider Asian marketplace".

"Walter will have particular responsibility for strategic development in KTL and its subsidiary companies and will bring a wealth of experience to the development of the Bank's marketing, product and customer information capabilities".

Michael Buckley, Executive Director, AIB Group and Managing Director, AIB Capital Markets, will also be joining the KTL board as a non executive director.

These appointments follow AIB's 2 June announcement that it had signed an in principle agreement which gives AIB the right to take up to a 24.9% equity stake in KTL.

As part of this agreement, AIB Singapore's profitable private banking and treasury businesses will be integrated into KTL. In consideration for these businesses, AIB will receive 10.28 million shares in KTL, equivalent to a 1% shareholding, with an estimated value of S$36 million (based on closing share price on 14 July 1999).