Irish Life & Permanent's new Group holding company, Irish Life & Permanent Group Holdings plc, has commenced trading on the Irish and London stock exchanges today.
Shares in the old Irish Life & Permanent plc have been cancelled and replaced on a one for one basis by shares in the new Irish Life & Permanent Group Holdings plc, the company announced.
276,782,351 new Irish Life & Permanent Group Holdings plc ordinary shares were admitted to trading on the Irish Stock Exchange and the London Stock Exchange with effect from 6.30am and 8.00am respectively today.
Group chairperson Gillian Bowler had said setting up the new structure would ensure the company was 'primed to consider and act on appropriate opportunities'.
It is understood that the move would allow Irish Life & Permanent spin off its bank Permanent TSB into a third banking force.
