Business Irish

Monday 23 January 2017

BoI hires advisors Credit Suisse in bid to raise €1.3bn for new capital targets

Published 21/12/2010 | 05:00

BANK of Ireland has hired investment bank Credit Suisse to advise it on an imminent attempt to tap private investors for about €1.3bn.

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But sources insisted last night that the bank's capital-raising plans had not yet been finalised and were not likely to be finalised for several days.

The comments come as BoI fights against the clock to raise another €2.2bn by the end of February so the bank can meet new capital targets.

Last week, BoI booked €700m from a successful debt buy-back exercise. Analysts say there's another "couple of hundred million" to be made from buy-backs of other debt.

The bank is expected to attempt to raise the remaining €1.3bn from a rights issue to existing shareholders and a private placement.

The bid is complicated by the fact that BoI will face a new capital assessment by the Central Bank soon after the €2.2bn recapitalisation is completed.

Irish Independent

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