According to Reuters, the sale helped the Irish government raise €481m. Dublin agreed to gradually sell its shares in AIB at the beginning of 2022. In November last year, it divested another 5% stake in AIB to institutional investors, raking in €396.6m.
AIB Group CEO Colin Hunt said back then: “It is another important development in the process of returning the State’s investment in the Group and a normalisation of the share register. AIB owes the Irish taxpayer an immense debt of gratitude for its support during the financial crisis.
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The Finance Minister, Michael McGrath, will review how to use the revenue from current sales while considering the mandate of the Ireland Strategic Investment Fund. He noted that past sales revenue had been used to pay off debts and returned to the exchequer.
For AIB, the move comes after, in April, the Irish bank became the first to secure a science-based electricity maintenance target. AIB is seeking ways to align with the Paris Agreement target to limit global warming to 1.5 degrees Celsius.
In January this year, the company received approval from the Irish competition watchdog to acquire Ulster Bank’s tracker and linked mortgage portfolio.
AIB came on top of Ireland’s credit card market in 2022, with around 696,394 cards in circulation totalling €4.9bn in transaction value, according to GlobalData’s “Ireland Cards and Payments: Opportunities and Risks to 2026” report.
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