Bank of Ireland, the country's largest bank, announced on Thursday that it will seek shareholder approval to delist from the London Stock Exchange, citing minimal trading volume of its shares on the London market in recent years.
The bank stated in a release that the board believes the cost of maintaining the LSE listing no longer serves the interests of the company and its shareholders. It noted that trading activity of its ordinary shares on the LSE has been negligible compared to its overall trading volume in recent years.
The delisting proposal will be put to a shareholder vote at the Annual General Meeting scheduled for May 21, 2026, in Dublin. If approved, the delisting is expected to take effect on June 29, 2026. Importantly, this move only affects the London listing, while the bank's primary listing on Euronext Dublin will remain unchanged.
To facilitate the delisting and simplify its share structure, Bank of Ireland will also seek authorization at the AGM to launch an odd-lot offer within 18 months. This program will allow small shareholders holding 30 shares or fewer to sell their shares back to the company at a 5% premium without incurring transaction costs.
The decision deals another blow to London's financial district. In recent years, the London Stock Exchange has seen several major listed companies depart, with firms commonly citing lower valuations and poorer liquidity compared to other international financial centers.
If the delisting is approved, the London market will lose a second Irish bank in quick succession. Just this Tuesday, Austrian BAWAG Group agreed to acquire another Irish bank, Permanent TSB, for €1.62 billion. Additionally, Irish building materials supplier CRH also delisted from London in recent years.
At the time of reporting, Bank of Ireland's shares were trading steadily on the Dublin exchange, as investors await the outcome of the May AGM vote.
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