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Irish finance minister says AIB IPO possible in 2017

Reuters - UK Focus

DUBLIN, Sept 29 (Reuters) - An initial public offering of a 25 percent stake in state-owned Allied Irish Banks (Berlin: 30544177.BE - news) is possible in 2017 if market conditions improve, Irish Finance Minister Michael Noonan said on Thursday.

Earlier this year Dublin pushed back the likely timetable for partially cash out on its 21 billion euro investment in the 99-percent state-owned bank to the first half of 2017 from late 2016.

"I don't intend going for an IPO in 2016, but I am leaving the option open for 2017," Noonan told parliament.

Noonan cited uncertainty around Britain's plans to leave the European Union, long-term low interest rates impacting bank profitability and global economic uncertainty as factors weighing on AIB's valuation. (Reporting by Conor Humphries)