ALLIED Irish Bank is believed to have received an approach from Canadian Imperial Bank of Commerce which wants to take a minority stake in the lender.<br /><br />The Irish institution had earlier said it received an approach from a third party. Earlier this month Allied Irish said it was over the worst of the financial crisis despite reporting a surge in bad debts that pushed the company deep into the red.<br /><br />The bank posted first-half losses of €872m against a profit of €1.3bn a year earlier after being hammered by the collapse of the Irish property market. It wrote off €2.37bn of loans in the first six months of 2009, compared with €137m a year earlier. However, Allied Irish said it was sticking with its estimate of a €4.3bn in bad debt charges for the full year.<br /><br />Ireland’s government has set up a so-called “bad bank” to purge the financial sector of risky property assets. Allied Irish is expected to shift between €16bn and €25bn of loans into the proposed National Asset Management Agency.<br /><br />Allied Irish has also said there are no plans to offload its main overseas operations in the US and Poland. The bank has already raised €1.1bn of additional capital using a bond swap and the group could raise up to €400m more without asset disposals.