DUBLIN, Ireland, Dec. 18, 2002 (PRIMEZONE) -- Shareholders of Allied Irish Banks, plc ("AIB") (NYSE:AIB) (LSE:ALBK) today approved the Bank's plan to merge its U.S. subsidiary, Allfirst Financial Inc., with M&T Bank Corporation ("M&T"), and to acquire a 22.5% strategic stake in the enlarged entity.
The transaction was approved by M&T's shareholders on Monday and, subject to the approval of the Central Bank of Ireland and of U.S. regulatory authorities, is expected to be completed by the end of March 2003.