Irish Government Lowers AIB Group Stake to 12.5%, Expects to Exit This Year

Dow Jones

2025/01/28

By Elena Vardon

The Irish Government cut its stake in AIB Group to 12.5%, marking another step toward returning the lender to private ownership as early as this year.

Broker BNP Paribas London on Tuesday said that the government disposed of around 5% of its shares through a share placing in an accelerated bookbuild process for institutional investors. It sold 116.4 million shares at 5.60 euros each, which represents a 2.9% discount to Monday's closing price of 5.77 euros.

Finance Minister Paschal Donohoe flagged the significant progress made to reduce the state's stake from around 71% in early 2022 to 12.5%, or 289.2 million shares.

"It is now a realistic target that the State could exit its position in AIB later this year should market conditions allow," he said in a statement.

The gross proceeds of the sale amounted to 652.1 million euros ($684.2 million) and will be returned to the Ireland Strategic Investment Fund pending further consideration by the Minister of Finance. The government has made around 17.9 billion euros to date from its investment in the bank which it bailed out during the financial crisis.

"We very much welcome the decision and subsequent transaction undertaken by the Minister for Finance," AIB Group's Chief Executive Colin Hunt said in a separate statement.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

January 28, 2025 02:48 ET (07:48 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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