Ireland's two largest banks both announced plans yesterday to increase their North American presence.

Bank of Ireland Corporate Banking said that it was establishing a new property team in the US as part of its strategy to reposition its geographic earnings profile.

AIB, meanwhile, has set up a lending branch in Canada after receiving regulatory approval from the Irish and Canadian authorities.

The Toronto branch will be part of AIB's North American corporate banking division. It will focus on three areas of corporate lending across Canada - energy and project finance, real estate and leveraged finance.

Bank of Ireland said that it would target a niche in the US real-estate financing market.

It has appointed Matthew Galligan, former executive vice-president of US debt exchange Debt X, as managing director.

The team will take part in syndicated transactions and direct lending relationships with existing players in the market. It will cover all major property sectors, including office, residential, retail and mixed.

"The opening of our US operation reflects our commitment to growing our property presence outside of Ireland," said Gerry Burke, head of the bank's global property finance section.