US billionaire investor Wilbur Ross is reportedly planning to offload his remaining 5.5% shareholding in Bank of Ireland, after staying invested for three years.
Ross was among a group of North American investors who acquired 35% stake only months after Ireland inked an EU/IMF bailout package.
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Deutsche Bank has been appointed as the sole bookrunner and placing agent for the sale of 1.8 billion Bank of Ireland shares on behalf of Ross.
It is believed that the shares will be offered at 26 to 27.5 euro cents a share, and sale of entire stake on this price will translate into nearly 468m to 495m.
Ross was quoted by Reuters as saying this is "definitely not a negative comment on BoI or Ireland… This has been a terrific investment for us and our investors."
"With the continued appreciation of our bank holdings, we were getting so concentrated in banking that we had to cut back," Ross told the publication.
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