The Irish government on Monday said it is selling its remaining stake in AIB Group PLC, after bailing out the lender during the global financial crisis.

The sale will be by a placing to institutional investors at a price determined by an accelerated book building process.

The placing of around 44 million shares represents around 2.1% of AIB’s share capital.

At Monday’s closing AIB share price of 596.00 pence, the placing is worth around £262.2 million.

Goldman Sachs International has been appointed to act as sole bookrunner in connection with the placing.

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