AIB has confirmed that Swedbank AB, the largest bank in the Baltic states, has acquired its mortgage portfolio in Latvia for an undisclosed sum.

The sale is part of AIB's overall strategy of divesting non-core assets, and follows the sale of its investment management unit, AIB Investment Managers, to South African financial services group Prescient Holdings, in November.

Also last year AIB sold its 49.9 per cent stake in the Bulgarian-American Credit Bank (BACB) to CSIF AD for an undisclosed amount, as well as its share in Polish bank Bank Zachodni WBK (BZWBK) to Banco Santander.

The bank is due to announce its full year results for 2011 at the end of March.