Irish Life & Permanent has backed out of a bid to buy AIB Investment Managers (AIBIM), Reuters reports. The group’s asset management arm, Irish Life Investment Managers (ILIM), had been selected as preferred bidder for AIBIM, paying €20-25 million for the acquisition.

Ireland’s central bank required Irish Life & Permanent to raise €4 billion of additional capital as part of new stress tests. Swiss asset manager Bellevue Group and Irish stockbroking firm Bloxham were previously interested in the AIBIM auction and may now renew their bids.

Click here for the story from Reuters.

Click here for the additional coverage from Irish Times.