DUBLIN (Reuters) – The head of Allied Irish Banks (AIB) on Thursday encouraged the government to look at selling down more of its 71 percent stake in the bank, following a 25 percent jump in the stock in the six months since its initial public offering.
“Since then, the stock has performed well and markets have performed well so my commentary would generally be these things come and go so if you have a market place that’s there, if you have a willing investor set that understand the story now, then it’s often opportune to take that when it’s there,” AIB chief executive Bernard Byrne told a parliamentary committee.
“As of close last night, the total value of cash received plus the 71 percent of the market value actually equates to the 20.8 billion euros (£18.4 billion)(the state invested in AIB). I can’t tell you what will happen next in terms of valuations, so I would encourage people to look at sell down at this point in time.”
(Reporting by Padraic Halpin; Editing by Mark Potter)