Irish

Tuesday 22 July 2014

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

Donal O’Donovan

Published 09/06/2014|18:26

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US billionaire Wilbur Ross at the Bank of Ireland AGM. Picture: Mark Condren

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

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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.

Read more: Why I invested in Richie Boucher – by Wilbur Ross

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