DUBLIN: Bank of Ireland’s plans to set up a new parent company and shrink the number of shares in circulation by almost 97 per cent are on track to be completed by the end of next week.
Shareholders in the country’s largest bank by assets will receive on unit of ordinary stock in the new holding company, Bank of Ireland Group Plc, for every 30 they currently hold. The new shares will admitted for trading on the Irish and London stock exchanges on Monday, July 10th, the bank said in on Thursday. Both Bank of Ireland and AIB said in early February that they aimed to set up holding companies at the top of their corporate structures to comply with European regulations being phased in over the coming years that are designed to minimise taxpayer losses in the event of another crisis.