DUBLIN, Ireland, Dec 18, 2002 (PRIMEZONE via COMTEX) --

Shareholders of Allied Irish Banks, plc ("AIB") (NYSE:AIB) (LSE:ALBK) today approved the Bank's plan to merge its U.S. subsidiary, Allfirst Financial Inc., with M&T Bank Corporation ("M&T"), and to acquire a 22.5% strategic stake in the enlarged entity.

The transaction was approved by M&T's shareholders on Monday and, subject to the approval of the Central Bank of Ireland and of U.S. regulatory authorities, is expected to be completed by the end of March 2003.

AIB Group
Alan Kelly, Head of Capital & Group Investor Relations
+353 1 6600311, ext. 12162
Catherine Burke, Head of Corporate Relations
+353 1 6600311, ext. 13894

(C) Copyright 2002 PrimeZone Media Network, Inc. All rights reserved.

News Provided by COMTEX