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(Alliance News) - Bank of Ireland Group PLC on Friday said it has returned to full private ownership, as the Irish government has sold its remaining stake in the Dublin-based lender.
In June 2021, the Irish government first announced its intention to sell some of its stake in the bank, initially over the six months following the announcement.
The Irish state had owned around 150.4 million shares, reflecting just under a 14% stake.
Dublin stepped in to buy a stake in Bank of Ireland in 2009 amid the global financial crisis. Taxpayers pumped a total of EUR29.4 billion into Bank of Ireland, AIB Group PLC and Permanent TSB Group Holdings PLC over 2009 to 2011.
On Friday, Bank of Ireland said the Irish state no longer owns any of the company shares and it has returned to full private ownership.
Interim Chief Executive Gavin Kelly said: "The completion of the sale of the state shareholding in Bank of Ireland is a very positive moment for Irish taxpayers, for Bank of Ireland, and for the sector as a whole.
"This is a milestone moment for Bank of Ireland as we move conclusively beyond the financial crisis, and is a very important step towards full normalisation of our relationship with the state," Kelly added.
The Irish government said it has gotten back almost EUR6.7 billion from its EUR4.7 billion original investment in the bank.
Bank of Ireland shares were up 1.3% to EUR7.53 each in London on Friday around midday.
By Sophie Rose; sophierose@alliancenews.com
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