Friday 20 October 2017

Bank of Ireland stake sale stutters

Nick Webb

Nick Webb

BANK of Ireland has received a number of proposals from private equity groups to invest "material" sums in the bank. However, the bank, led by chief executive Richie Boucher (above), has failed to agree a deal ahead of the upcoming €1.9bn rights issue, according to documents released on Friday night.

It also emerged that plans to place up to 15 per cent of the bank shares with the National Pensions Reserve Fund have been shelved.

The cost of the bank's capital raising programme will hit €150m, representing a massive pay day for corporate financiers, lawyers and other advisers.

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