Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2022 11 07T195507Z 1 LYNXMPEIA60TH RTROPTP 4 IRELAND DAILYLIFE - Business Express
FILE PHOTO: Signage and logo are seen on a branch of an AIB (Allied Irish Bank) bank building in Galway, Ireland, September 9, 2020. REUTERS/Clodagh Kilcoyne/File Photo

Ireland to sell 8% of its majority stake in AIB in one go

DUBLIN (Reuters) – The Irish government received more than enough demand to cover the sale of 8% of its majority stake in Allied Irish Banks (AIB) in an accelerated book build on Monday, one of the joint bookrunners said.

Dublin began gradually selling shares in AIB for the first time since a 2017 IPO at the start of the year through a share trading plan, and Monday’s placing will mark the second time in five months that it has sold a larger chunk of shares in one go.

As a result of the placing, the overall size of Ireland’s shareholding will be reduced from 62.9% to 57%, Finance Minister Paschal Donohoe said in a statement. The state’s stake stood at 71% at the start of the year.

The accelerated book build, which was announced after the market closed, was multiple times oversubscribed through a price range of 2.95 to 2.96 euros, the bookrunner said. AIB shares closed up 1.96% at 3.20 euros on Monday.

The last placing, conducted before euro zone banks began to benefit from European Central Bank interest rate hikes, was priced at 2.28 euros per share.

Ireland pumped 64 billion euros ($64.2 billion), or almost 40% of its then annual economic output, into the country’s banks just over a decade ago following a huge property crash.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

It sold the last of its shares in Bank of Ireland in September, and its stake in Permanent TSB (PTSB) will fall to 62% from 75% after NatWest took a minority stake in the bank following the completion of its sale of 5.2 billion euros of Irish mortgages to PTSB on Monday.

($1 = 0.9969 euros)


(Reporting by Padraic Halpin; Editing by Leslie Adler)


Recent Post: