AIB agrees with Minister for Finance to buy back €215.3 million worth of the Government’s shares in the bank, reducing its stake to 53.4 per cent
Minister for Finance Michael McGrath said he"will continue to monitor market conditions for further opportunities to reduce the State’s shareholding in AIB".AIB said that it has agreed with Minister for Finance Michael McGrath to buy back €215.3 million worth of the Government’s shares in the bank, reducing its stake to 53.4 per cent.
The 54.7 million shares involved in the transaction, which is expected to settle on Wednesday, amount to about 2.05 per cent of AIB, the bank said in a statement. The Government had a 71 per cent stake in AIB at the beginning of January 2022, when the Government started a programme of selling down stock through a combination of drip-feeding shares on to the market, the placing of large blocks of stock on to the market and participating in share buy-backs.
“In 2022, AIB Group returned over €1 billion to the State and today’s agreement will generate a further €215m for the Irish taxpayer,” said the bank’s chief executive, Colin Hunt. “It is another positive development towards normalising our share register and enhancing shareholder value for all investors.”
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