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AIB
Hodgkinson apologises to AIB shareholders
Bank’s new executive chairman addresses shareholders for first time since his appointment last week.
AIB’S NEW EXECUTIVE CHAIRMAN David Hodgkinson has apologised to the bank’s shareholders for “real hardship” brought upon them by devalued shares.
Speaking on behalf of himself and his colleagues on the bank’s executive board, Hodgkinson said he wished to express “our deep regret” about the events that have led the bank to this point.
Many of the bank’s shareholders have seen the price of stock fall from €23 to 34 cent, according to RTÉ.
Late last month, Minister for Finance Brian Lenihan announced the bank would require further state funds because of higher than expected loan losses.
However, Hodgkinson said today that the bank would launch a capital-raising programme later this month and it was highly likely the government would end up with a significant majority stake.
The bank is seeking its shareholders’ approval for the sale of its almost 22% stake in US lender M&T.
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