BoI shares drop as €680m stake sold

Bank of Ireland shares dropped over 10% in trading yesterday as two of its biggest shareholders offloaded just under one-third of their stake in the company for over three times their original investment.

Bank of Ireland investors, Wilbur Ross and Fairfax, placed over 2bn shares on the market as they sold down their stake in Bank of Ireland. The shares were priced at 32.8c, which is under the 33c market sources had been guiding during the day.

The sale generated roughly €680m for the pair.