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Report: Ireland to wait for French election results before deciding on AIB IPO


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Report: Ireland to wait for French election results before deciding on AIB IPO

The Irish government is expected to wait for the outcome of the French presidential elections in May before making a final decision on the potential IPO of Allied Irish Banks Plc, The Irish Times reported April 1.

Insiders said the government-owned bank has already submitted a prospectus about its planned flotation to the Central Bank of Ireland and has made changes to it a number of times, with the most recent update involving the addition of information related to its full-year 2016 results, according to the report. AIB posted full-year 2016 profit from continuing operations attributable to owners of the parent of €1.36 billion, compared to €1.38 billion in 2015, and proposed to pay a dividend of €250 million for 2016.

The bank on March 30 completed a non-deal international roadshow with analysts and investors in Frankfurt, the report added.

The upcoming French election is considered a key geopolitical event that would dictate market sentiment in the near term, after Britain's vote to leave the EU and Donald Trump's victory in the U.S. presidential elections in 2016 caught financial markets off-guard, The Irish Times noted.

Ireland is said to be planning to initially sell up to 25% of AIB in a transaction that could fetch roughly €3 billion.