It has emerged that Fairfax Financial has plans to sell 2.9% of Bank of Ireland according to reports late today.
The investment group, which was set up by billionaire Prem Watsa, was one of a group of north American buyers - including investor Wilbur Ross - that took a 35% combined stake in the bank in 2011, keeping it out of majority State ownership.
At close of markets today, it emerged that Fairfax plans to sell 935 million of its shares in the bank, netting it a €266m profit on the basis of Bank of Ireland's closing price today.
Fairfax paid about 10 cent a-share for its stake. Bank of Ireland shares closed at 38.4 cent in Dublin today.
Deutsche Bank will place the shares with investors for Fairfax.
