Allied Irish Banks, a commercial bank in Ireland, and Great-West Lifeco, a Canadian insurance centered financial holding company, agreed to form a joint venture. Financial terms were not disclosed. "Today's announcement marks another key milestone in the delivery of AIB's strategy to enhance and diversify our revenue, to become a full provider of financial services for our customers and to build long-term, sustainable profits for our shareholders. This deal moves AIB beyond a distributor model to create a strong strategic alliance that marries the product and services expertise of Great-West Lifeco with AIB's market-leading customer franchise, technology and distribution. It will allow our customers to plan their finances and investments and puts us at the heart of our customers' financial lives," Colin Hunt, AIB CEO.