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Private investors pour in €1.1bn for stake in Bank of Ireland

Mon, 25th Jul 2011 09:41

A consortium of unidentified investors plan to invest up to €1.123bn to acquire a large stake in Bank of Ireland, which would help the embattled Irish lender escape majority state ownership.According to the deal, the State has agreed to sell 4.2bn shares, representing approximately 14% stake in the bank. The State will sell 2.4bn shares after the completion of a rights issue and a another 1.8bn shares upon obtaining regulatory approval.Furthermore, these investors and fund managers can purchase 7bn units, upon receiving regulatory nod, adding an additional 23.3% stake in the Bank of Ireland.Depending on the rights issue, the investors' maximum combined stockholding in the bank will be between 14% and 37%, while the State's stockholding will fall between 15% and 32%. The Irish taxpayers own 36% of the bank, while four of Ireland's lenders have been nationalised, including one of its largest banks, Allied Irish Banks.Bank of Ireland said, "The Bank is very pleased to see this major endorsement of the Bank's strategy and the confidence which these investors share with the Bank in the future for the Irish economy."AR
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18 Sep 2009 06:17

Friday newspaper round-up: Lloyds Banking, BSkyB, African Minerals

Lloyds Banking Group has been forced to abandon its plan to withdraw from the Government's toxic debt insurance scheme after failing to raise enough capital to meet the Financial Services Authority's strict requirements. The decision dashes the hopes of Eric Daniels, chief executive, who wanted a w

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19 Aug 2009 11:41

Former bank bosses rehired

Banks have lost tens of billions of pounds over the past few years, so it's perhaps a little surprising that men held responsible for the credit crunch have found gainful employment at some of Britain's biggest companies. Back in May, Richard Burrows apologised for Bank of Ireland's £6.2bn full-yea

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3 Jul 2009 17:12

London close: Stocks tread water

A late swoon saw Footsie relinquish virtually all of its gains, with losses on resource stocks counter-balancing gains made by banks. Barclays, Royal Bank of Scotland, HSBC and Lloyds Banking were the pick of the banking sector, despite chancellor Alistair Darling firing a warning about the re-eme

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3 Jul 2009 14:30

London afternoon: Banks lead the fight back

Share prices are creeping higher after yesterday's heavy falls, with banking stocks leading the fight back. Barclays, HSBA and Lloyds Banking lead the banking sector higher while insurers such as Aviva and Legal & General are also wanted. An exception to the general strength of insurers is Friends

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3 Jul 2009 12:02

London midday: Shares remain dull

Trading remains quiet in London, today after yesterday's excitement following dismal US unemployment figures. Friends Provident is the worst performing blue-chip as the market adjusts its share price to take account the demerger of its 52% stake in F&C Asset Management. Resource stocks are friendl

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3 Jul 2009 08:49

London open: Blue chips shrug off Wall St woes

London has shrugged off last night's collapse on Wall Street to trade higher in the absence of traders in the US, closed for Independence Day on Friday. The Dow Jones slumped more than 200 points Thursday as the market reacted badly to awful jobs data. Banks are a strong spot, despite chancellor A

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3 Jul 2009 07:38

London pre-open: Early buying forecast

London is promising to shrug off last night's collapse on Wall Street to trade higher in the absence of traders in the US, closed for Independence Day on Friday. The Dow Jones slumped more than 200 points Thursday as the market reacted badly to awful jobs data. The FTSE 100 is seen up about 8 point

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3 Jul 2009 07:19

Bank of Ireland under intense pressure

Ireland's premier bank, Bank of Ireland, has warned it is facing a squeeze on profit margins in addition to the huge impairment charges it will take this year and next. "Demand for new lending remains muted and the lower interest rate environment together with the impact on deposit pricing of more

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19 May 2009 09:34

Bank of Ireland chairman resigns, debt buyback

Bank of Ireland chairman Richard Burrows stepped down today after the bank slumped into losses for the year due to an increase in writedowns But shares moved ahead on a buyback programme, which will boost Tier 1 capital. The bank will purchase €1.4bn out of €3bn of debt. The group swung into loss

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