April 16 (Reuters) - Bank of Ireland said Thursday it would seek shareholder approval to delist from the London Stock Exchange, citing negligible trading volumes of its shares on the UK exchange in
Bank of Ireland to Seek Shareholder Backing for London Delisting
Bank of Ireland's Proposed Delisting from London Stock Exchange
Shareholder Approval and Rationale
April 16 (Reuters) - Bank of Ireland said Thursday it would seek shareholder approval to delist from the London Stock Exchange, citing negligible trading volumes of its shares on the UK exchange in recent years, in a potential blow to the London market.
Impact on London Market
If approved, the UK stock market will lose two Irish banking names over the next year. Irish retail lender Permanent TSB on Tuesday agreed to be purchased by Austrian lender BAWAG Group in a 1.62 billion euro deal.
Recent Trends in London Listings
London has lost major companies in recent years, including Irish building material supplier CRH, as firms increasingly reassess their UK listings amid persistently low valuations and better liquidity elsewhere.
UK firms have also become takeover targets in recent years.
Board Statement and Next Steps
"The board considers that the cost of maintaining the LSE listing is no longer in the interests of the company and its shareholders as a whole," the company said in a statement.
Ireland's biggest lender said it would propose the delisting at its annual general meeting on May 21.
Timeline for Delisting
The cancellation is expected to take effect on June 29 if shareholders approve the move, while its Dublin listing will remain unchanged.
(Reporting by Yamini Kalia and Yadarisa Shabong in Bengaluru; Ediitng by Tasim Zahid)
