1st Nov 2006 08:09
Bank of Ireland(Governor&Co)01 November 2006 1 November 2006 Bank of Ireland announces sale of 90.444% stake in Davy for €316.55 million Bank of Ireland ("Bank of Ireland" or "the Group") announces the sale of its90.444% equity stake in J&E Davy Holdings Limited ("Davy") to the management andstaff of Davy, for a cash consideration of €316.55 million (equating to a 100%equity value of €350 million). The profit on disposal after tax is expected to amount to approximately €225million and will be reflected in the results for the year ending 31 March 2007. Commenting on the announcement, Brian Goggin, Group Chief Executive, Bank ofIreland said: "Davy has proven to be an excellent investment for Bank of Ireland since theGroup first acquired a shareholding in 1988 and I wish its management team wellin the future development of the business." Notes to editors: Bank of Ireland Group is the leading provider of financial services products inthe Republic of Ireland, has a significant position in the UK market and agrowing international presence through a number of niche businesses. It employs16,190 staff, has assets of €162 billion and generated pre-tax profits of €1.6billion in the year ended 31 March 2006. Bank of Ireland first acquired an interest in Davy in 1988. Davy is the leadinginstitutional, corporate and private client broker operating in Ireland,employing over 460 staff. Davy's gross assets amounted to €649 million as at 31December 2005. ENDS Contact: Dan Loughrey 00 353 1 604 3833 Head of Group Corporate Communications Geraldine Deighan 00 353 1 604 3501 Head of Group Investor Relations This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BKIR.L