European governments selling down crisis-era bank stakes, taking advantage of strong sector valuations amid heightened interest rates
AIB chief executive Colin Hunt with chairman Jim Pettigrew: State may dispose of final shares in lender next year Photograph: Shane O'Neill, Coalesce
“My job is to ensure, along with my colleagues, that there is a strong investor proposition in the market for when the Government decides to transact.” The average share price target for AIB among analysts points to about 20 per cent upside for the stock over the next 12 months. Even allowing for the full benefit of this, it would leave AIB more than €1 billion shy on repaying its bailout bill.
The Dutch government announced plans on Tuesday to reduce its stake in lender ABN Amro to about 30 per cent from over 40 per cent. Mr Hunt said he is “not overly surprised” by how long it has taken European governments to sell down legacy bank stakes.
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