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ISIF exits Finance Ireland as M&G buys large stake

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The Ireland Strategic Investment Fund (ISIF) has sold its entire 33% stake in the country's largest non-bank lender, Finance Ireland, as part of a series of transactions at the firm.

International investment manager M&G plc has taken a significant equity stake in the business, while existing institutional shareholder Pimco has also increased its holding.

"This transaction is a huge vote of confidence not just in Finance Ireland and the management team but in the Irish economy, providing us with long-term capital to grow and expand our customer offering and execute our long-term growth strategy," said CEO, Mr Kane. The company would not comment on the revised valuation for the firm, but industry sources indicated that it is now worth over €250m.

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