US billionaire Wilbur Ross is to sell his 5.5% stake in Bank Of Ireland.
The businessman says the decision is nothing to do with the financial prospects of Ireland or the bank itself, and believes both have a bright future.
The sale means he will almost triple his original investment of €290 million, netting him €834 million.
That investment in 2001 was instrumental in keeping the bank out of state control
Mr Ross is also to step down as a non executive director of the bank.
In a statement last night the company thanked Mr Ross for his contribution, diligence and commitment as a board member. Bank of Ireland says it has benefited greatly from his insights.
Investors will be keeping a close eye on how the stock performs this morning
