AIB to launch €22m venture fund

The vehicle will be managed by ACT Venture Capital; AIB will provide most of the funds, with the remainder being contributed by state investment agency Enterprise Ireland.

AIB follows in the steps of Bank of Ireland, which launched a €17m seed fund for start-up companies managed by Delta Partners in December.

AIB needs €13.3bn to protect its balance sheet according to last month's Irish bank stress test.

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