Bank of Ireland - State announces trading plan to exit stake

Davy Research
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We view the trading plan, which will see the State start its exit, as a welcome move and important step in the normalisation in links between the State and Bank of Ireland (BOI). The minister’s policy is to exit the State’s stakes in the banking system and this is the first such move since AIB’s IPO in 2017. On current trading volumes, the trading plan equates to close to one-third of the State’s 13.9% holding over the next six months, albeit volumes may increase following the announcement. The trading plan is a sensible method of selling down.