Allied Irish Bank (AIB) is selling off its international financial services business to Captia for £29 million ($47.2 million), according to market reports.

The unit offers corporate administration, treasury management, securitization and middle and back office services to financial institutions and corporate clients.

It is being sold as part of AIB's wide ranging sell off of non-core assets. The business will be integrated into Capita's investor and banking services division.

"The acquisition of AIBIFS is an excellent strategic fit for Capita," said Paul Pindar, CEO of Capita Group. "It fully complements our existing business in terms of services, client base and professional staff, while also providing Capita with the opportunity to further develop its client proposition within the financial services industry."

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