AIB Group’s Future Outlook: Irish Department of Finance Trims Stake

Hey folks, exciting news from AIB Group PLC! The Irish Department of Finance has decided to sell some of its shares in the company, reducing its stake from 46% to around 41%. This move is part of the process to return the state’s investment in the group and normalize the share register. The Irish government plans to sell about 131 million AIB shares, bringing the gross proceeds to around EUR514.8 million. The sale is set to happen on Thursday at EUR3.93 per share. AIB CEO Colin Hunt expressed gratitude to the Irish taxpayer for their support during the financial crisis and highlighted the successful delivery of their three-year strategy. This development marks a significant step as AIB prepares for the next phase of its growth and aims to create value for all stakeholders. The Irish government’s stake in AIB fell below 50% in June, which was a big moment for the company. Back in 2009, the Irish government bought a stake in AIB during the global financial crisis and invested a total of EUR29.4 billion in AIB, Bank of Ireland Group PLC, and Permanent TSB Group Holdings PLC. Stay tuned for more updates on this exciting journey!