Bank of Ireland has confirmed the names of the investors making a 'significant' investment in the bank.

The investors are led by Fairfax Financial Holdings and include WL Ross, Capital Research (part of The Capital Group), Fidelity Investments and Kennedy Wilson.

Bank of Ireland said the investors are long-term value investors.

It said they have recognised how the bank has faced up to and focused on dealing with its challenges, have endorsed its strategy and share its view that the economy in Ireland will come through a difficult period of adjustment and return to growth.

The bank said after the completion today of the rights issue and 'rump' placing exercise, the combined shareholding of these investors will be 34.9%.

This is still subject to the satisfaction of certain regulatory and other conditions.

Bank of Ireland also said the State's stake holding in the bank will fall to 15.1%.

In a statement this evening, the bank said the sale of the stake to the investors will require the approval of independent shareholders and added that an EGM will be held on this matter 'in due course'.