Partnership with Bank of Ireland UK

15 July 2015

AA plc

Financial services partnership with Bank of Ireland UK

New partnership to establish AA as major UK financial services provider

AA plc ("AA") and the Bank of Ireland UK ("BOI UK") today announce a new partnership to provide a range of retail financial service products to UK consumers.

The 10 year exclusive arrangement will combine the marketing strength of the AA, one of the most well-known and trusted brands in the UK, with the financial services expertise of BOI UK, and offer financial services products to AA members as well as to the wider public. The range of AA branded financial services products available to customers will include credit cards, loans, cash savings (including ISAs) and mortgages.

The first product launch, a new credit card, is expected in July 2015 with other products being added over the remainder of 2015. The partnership also expects to launch the first AA branded mortgage product in 2016, providing a strategic fit with the AA's existing home services (insurance and home emergency) businesses.

Commenting on the agreement, AA Executive Chairman Bob Mackenzie said:

"This long term partnership forms a fundamental part of our growth strategy to transform the AA into a membership club serving a broader range of the UK motorists' needs. AA Financial Services has, in the past, been an important player in the credit card, loans and savings market places.

"This new venture builds on the AA's brand strength and financial services expertise and lays the foundations for the AA to develop a long term strategic financial services proposition. BOI UK has proven skill in delivering successful partnerships, and will provide us with the platform to do this."

 Des Crowley, Chief Executive BOI UK commented:

"This new partnership with the AA is an important development for Bank of Ireland, building on the highly valued long term and successful financial services partnership which we have in the UK with the Post Office. Our strategy is to selectively be the long term partner of choice with certain select leading and trusted brands in the UK whose vision and customer ethos we understand and share as they seek to expand and develop their presence in financial services. We look forward to working with the AA on developing attractive financial service offerings for its current and future members."

Enquiries

Notes to Editors

The AA's long track record in providing financial services

The AA has a long track record in providing financial services. It launched its first Visa credit card in 1984, loans following in 1985. In 2004 AA launched a savings portfolio. More recently the business has offered pre-paid travel currency cards. 

Latterly AA financial services products have been sourced from a range of providers. The new partnership provides for a consistent approach to product development and the opportunity to deliver growth through a range of competitive services in an increasingly confident credit and savings market.

BOI UK

Bank of Ireland has supported customers in the UK for over 40 years employing 2,200 staff across all divisions. It operates in the UK through its wholly owned and separately incorporated subsidiary Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

BOI UK has a financial services relationship and foreign exchange joint venture with the Post Office and provides mortgages and car and asset finance throughout the UK. It has a full service retail and commercial bank in Northern Ireland with a 36 strong branch network.