BoI strengthens hand for acquisitions

THE raising of €507 million by Bank of Ireland is a prelude to an acquisition in Britain or an optimisation of the bank’s capital efficiency, depending on which of the main stockbrokers you listen to.

Bank of Ireland (BoI) subsidiary Davy Stockbrokers should have the inside track but are coy enough on the subject.

“We do not interpret this issue as a precursor to an acquisition, but rather view it as part of an ongoing effort to optimise the bank’s capital efficiency, said Davy analyst Scott Rankin.