Banking

AIB buys almost €1 billion worth of shares back from the state

The latest move means the government now holds a 32.6 per cent share of the bank

Colin Hunt, AIB chief executive, said the share buyback was another ‘important milestone’ in repaying the taxpayer for their support. Picture: Fergal Phillips

AIB has agreed to buy back almost €1 billion worth of its shares from the state, at a price of just under €5.04 per ordinary share.

The €998,999,996 transfer, worth approximately 7.6 per cent of the company’s issued capital, reduces the state’s stake in the bank to 32.6 per cent. That figure was more than 70 per cent at the start of 2022.

The off-market transfer is expected to complete on May 8. It was ...