Monday 22 May 2017

Four firms - including Ireland's Davy - appointed to assist in AIB's stock market flotation

Mandate to manage planned sale of around 25pc of AIB

AIB (Stock picture)
AIB (Stock picture)
Donal O'Donovan

Donal O'Donovan

Four firms have been given the potentially lucrative mandate to manage the planned sale of around 25pc of AIB, including Ireland’s Davy.

The Department of Finance has appointed Bank of America Merrill Lynch, Davy and Deutsche Bank as 'Global Coordinators' to assist in a potential initial public offering (IPO) of AIB, which is slated to happen next year.

It follows a tendering process that kicked off in October.

Following these appointments both the Department of Finance, along with its independent financial advisor, Rothschild, and AIB will work to lay the ground work for the sale.

“There remains no fixed timetable for any sale at this time as it will depend on market conditions amongst other things. These appointments will ensure that the State has the option to sell some of the State's shareholding in AIB during 2017 or indeed early 2018 as provided for in the Programme for a Partnership Government," the Minister for Finance Michael Noonan TD said.

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