Business Irish

Friday 28 April 2017

US billionaire Wilbur Ross is selling his entire stake in Bank of Ireland

US billionaire Wilbur Ross at the Bank of Ireland AGM. Picture: Mark Condren
US billionaire Wilbur Ross at the Bank of Ireland AGM. Picture: Mark Condren
Donal O'Donovan

Donal O'Donovan

US billionaire Wilbur Ross is selling his entire stake in Bank of Ireland.

The American investor has tripled his money since buying into the bank in a 2011 deal that kept it out of state hands.

He is a director of the bank.

Deutsche Bank has confirmed it is selling Mr Ross’s remaining 1.8 million of shares – 5.5pc of the entire bank.

Mr Ross’s remaining 1.8 billion of shares will be sold in a price range of 26 cents to 27 cents a share.

That values the remaining stake at €468m to €486m.

Added to the €345m realised from his earlier sale of shares in March at 33 cents each it means the original €300m he investment has returned around €830m.

Its just shy of the more than three times return implied by the March valuation.

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