NEW YORK (TheStreet) -- Shares of Bank of Ireland (IRE) are down -1.57% to $15.63 on heavy trading volume after it was reported that the U.S. billionaire Wilbur Ross will sell his entire holding in the bank three years after his investment kept it out of state hands, according to Deutsche Bank (DB), Reuters reports.
Ross is expected to more than double his investment, sources said.
Deutsche Bank is acting as sole bookrunner on the placement of Ross's 1.8 billion shares.
Ross, whose fund specializes in distressed assets, was among a group of North American investors who bought a 35% stake after Ireland signed up to an EU/IMF bailout, Reuters noted.
He reduced his stake in March to 5.5% from about 9%. The government is the largest shareholder with 14%.