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Bank of Ireland sells stake in Davy Stockbrokers

Bank of Ireland has sold its 90.4% stake in J&E Davy Holdings to the Irish stockbroker's management and staff for a cash consideration of E316.6 million.

After the tax deduction, the net profit on this deal is expected to total around E225 million ($286 million), to be reflected in Bank of Ireland’s financial results for the year ending March 31, 2007.

Bank of Ireland first acquired an interest in Davy, an institutional, corporate and private client broker operating in Ireland, in 1988, when it first bought a stake in the company.

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, said Brian Goggin, group chief executive of Bank of Ireland.