LONDON (Alliance News) - Bank of Ireland Governor & Company Wednesday said Wilbur Ross Jr, a director and major shareholder, resigned as a director of the bank and he along with certain funds connected with him sold approximately 1.8 billion shares, representing 5.5% of the issued share capital, at a price of EUR0.265 each, leaving him with no interest in the company Monday.
Ross is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. He invested in Bank of Ireland in a 2011 fundraising, which helped the lender survive the financial crisis.
Shares closed down 2.7% at EUR0.2676 Wednesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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