AIB flotation: Small investors set to get chance to buy up shares in sell-off
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.
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 has 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 €21bn of taxpayers’ money used to bail the lender out will 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.
Finance minister Michael Noonan recently said he would "immediately press the button" to start a sale of 25pc of the bank if he is still in the job after the election.
Speaking in Dublin, Mr Noonan said the lender would have its principle listing on the London Stock Exchange. Up to now, AIB's main listing has been in Dublin.
"If the Government is back in office, immediately I will press the button to make arrangements for an IPO of AIB shares and we intend, under advice, to sell 25pc.