Banking

AIB chief Colin Hunt hails ‘milestone’ as state’s holding falls below 50pc for first time since bail out

The Department of Finance disposed of approximately 5pc of the bank’s stock, for around €500 million

Colin Hunt: ‘AIB owes the Irish taxpayer an immense debt of gratitude for its support during the financial crisis’. Picture: Fergal Phillips

AIB has welcomed the government’s move to cut its stake in the bank to below 50 per cent for the first time since the bailout saying it is “a significant milestone“.

The Department of Finance disposed of approximately 5pc of the bank’s stock, for around €500 million given the banks current market capitalisation of roughly €10 billion.

The state’s stake will fall to 46.9 per cent after the sale.

Colin Hunt, AIB group chief executive ...