Billionaire sells stake in Bank of Ireland
A US billionaire whose massive investment kept the once-troubled Bank of Ireland out of complete State ownership is selling his remaining stake in the bank.
Wilbur Ross' pioneering investment in 2011 turned a £370m gamble into more than £990m. He is stepping down as a director of the bank with the sale. It is understood the reasons for the sell-off are to diversify an investment portfolio.
Bank of Ireland said about 1.8bn units of shares in the bank will be offered on the markets.
The shares will be offered by Deutsche Bank at around 27 cents each, compared to the stock market value of 10 cents the bank was trading at when Mr Ross invested.
US investor Prem Watsa is expected to remain a major shareholder with a 5.8% stake.
The Irish Government remains the largest shareholder with 14% of stock.