By Jaime Llinares Taboada

 

The Irish government said Wednesday that it intends to sell part of the state's 13.9% shareholding in Bank of Ireland Group PLC.

Finance Minister Paschal Donohoe said the sale will occur over the next six months and the trading plan will be managed by Citigroup Global Markets Ltd.

This marks the start of a phased exit, Mr. Donohoe said. "A trading plan enables the State to sell down its shares in a low cost carefully controlled manner while avoiding the need to try to time our disposals with market conditions," he said.

"State investment in Bank of Ireland over a decade ago should never have been needed, but we will always be grateful for the support we received," the bank's Chief Executive Francesca McDonagh said.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

June 23, 2021 02:44 ET (06:44 GMT)

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