DUBLIN - The Irish government has sold a 5% stake in AIB Group (OTC:AIBRF) PLC, further reducing its shareholding in the bank to approximately 12.5%, as announced by the Irish Department of Finance. This divestment is part of the ongoing efforts to return the bank to private ownership following the state's intervention during the financial crisis.
The transaction, welcomed by AIB Group's CEO Colin Hunt, marks another step in the normalization of the bank's share register and is expected to return about €652 million to Irish taxpayers. This sale brings the total proceeds recovered by the state from AIB Group to around €18 billion.
In a statement, Hunt highlighted the bank's performance in 2024, pointing to progress in customer service, business greening, and operational efficiency. He also noted the supportive domestic economy, AIB's competitive market position, and a growing loan book as underpinnings of the bank's business performance. The CEO expressed gratitude to taxpayers for their support and looked forward to delivering shareholder value and the upcoming 2024 Annual Financial Results, slated for release on March 5.
The press release also contained forward-looking statements regarding AIB Group's future financial position, capital structure, and business strategy. These statements, inherently subject to risks and uncertainties, outlined the bank's targets and plans, including potential impacts of climate change, inflation, and geopolitical events on future performance.
This news is based on a press release statement and reflects the latest development in AIB Group's journey towards full privatization, a significant move for both the bank and Irish taxpayers who provided support during the financial sector's troubled times.
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