Bank of Ireland has sold its 90.4 per cent equity stake in Davy Holdings to the management and staff of Davy, for €316.5 million.
According to a statement released by the bank this morning, the profit on disposal after tax is y €225 million. This profit will be reflected in the results for the year ending March 31st 2007.
Brian Goggin, chief executive, Bank of Ireland said: "Davy has proven to be an excellent investment for Bank of Ireland since the Group first acquired a shareholding in 1988 and I wish its management team well in the future development of the business."
Bank of Ireland purchased its stake in Davy in 1988. Davy is an institutional, corporate and private client broker operating in Ireland, employing over 460 staff.
As of December 31st, 2005, Davy's gross assets amounted to €649 million.