BoI shareholders set to slash stakes
Bank of Ireland's biggest private shareholders are slashing their stake in the bank by around one-third.
US billionaire Wilbur Ross and Prem Watsa, his Canadian investment partner in the bank, have hired Deutsche Bank to 'place' or sell a 6.4% stake in the Irish bank. Funds linked to the two billionaires control about 18% of the bank's shares and are the second and third largest shareholders after the Irish government.
The two were part of a group whose €1.1bn investment in the bank back in 2011 kept it from being nationalised. The investors bought their BoI shares at 10 cents each in 2011. Today the shares are trading at 34 cents.