THE sale of Dauphin Deposit Corporation to AIB is a "win win win" situation for Dauphin's future, according to chairman and chief executive officer Mr Christopher Jennings.
The new company, which is to be formed from the merger of AIB's US banks with Dauphin, would be insulated from takeover in the future, he told Dauphin shareholders in the bank's annual report.
Shareholders would get $43 (£27.90) in cash or shares for every Dauphin share they hold, employees would get significant career opportunities, job losses would be minimised and customers would get a wider product range and the benefit of excellent technological resources, he said.
After it takes over Dauphin, AIB will create "an entirely new US banking company", according to Mr Jennings.
This new $17 billion company would be "the dominant competitor in our market, a takeover insulated, close to the market financial institution of great quality and character".
The board of Dauphin decided on the offer from AIB because it believed it was the best match for Dauphin, he said.
