RE: IMS9 Oct 2021 00:32
State shrinks Bank of Ireland stake by a fifth after latest share sale
Ireland’s sovereign wealth fund disposes of a further 11 million shares
The Government has now sold down about a fifth of its shareholding in Bank of Ireland leaving its stake at just below 11pc.
The sale was the latest in a series of big trades in the stock by ISIF, which began a phased exit from Bank of Ire
presentation said a full exit, or a path to a full exit, from the bank would signal to investment markets that Ireland’s privatisation strategy remained unchanged, despite stalling since AIB’s initial public offering in 2017.
There are major questions over the viability of the Irish banking sector following the announcements from Ulster Bank and KBC Bank that they are pulling out of the market.
Irish bank shares have performed well relative to their European peers in 2021 due to the economy’s robust growth rate and sharp rebound from the shock
Bank shares would need to double to close the gap,