Saturday 24 September 2016

New AIB stock to be marketed to retail investors

Published 23/12/2015 | 02:30

Chief financial officer Mark Bourke, right, with AIB boss Bernard Byrne. Photo: Mark Condren
Chief financial officer Mark Bourke, right, with AIB boss Bernard Byrne. Photo: Mark Condren

SMALL investors are likely to be given the chance to buy up shares in bailed-out Allied Irish Bank when it is floated on the Stock Exchange next year.

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The Government will probably sell AIB shares to individuals as part of the process of returning the bank to private ownership, AIB chief financial officer Mark Bourke said.

Mr Bourke told Bloomberg that it was important that people were able to say they had access to shares if the bank does well.

He said shares would probably be sold to retail investors through brokers.

The Government plans to sell a 25pc stake in the 99.8pc State-owned bank, probably in the second half of 2016. The move follows a complex capital restructuring which saw the Bank begin to repay bailout money to the State last week.

Finance Minister Michael Noonan has said he's confident that all of the of taxpayers' money used to bail the lender out will eventually be repaid.

The bank has just paid back a first tranche of the €21bn in bailout funding it received from the taxpayer following on from the financial crisis.

Irish Independent

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