IRE - Bank of Ireland

[BargainValueHunter]

http://www.independent.ie/business/irish/richie-boucher-an-unlikely-saviour-30033144.html

 

Boucher's big play was getting the State off his back by bringing in some North American investors in the heart of the crisis. Seven months after the IMF rode into town, Boucher was able to sell a stake in the bank to Wilbur Ross, Prem Watsa's Fairfax, Fidelity, Capital Research and Kennedy Wilson for €1.125bn. This gave him the freedom to make politically unpalatable decisions. And boy did he make them.

 

His performance in front of Oireachtas committees has been incendiary. But would we prefer our money back – or someone nice and cuddly surrounded by a phalanx of PR advisors?

 

The bank's share price has more than trebled since the arrival of Wilbur Ross and Prem Watsa. The State's 14 per cent stake is now worth €1.4bn.

 

"He's done an excellent job since the crisis. Performance has been decent and investor support garnered, top drawer. Not sure about the relationship with the Department of Finance and others," according to one senior banker.

 

"He is seen as a dogged, determined character who doesn't worry too much about what others think of him.

 

"An example is how he has handled himself in front of the PAC. David Duffy is the charmer who rarely puts a foot wrong. Whereas even when Richie is given the opening to answer diplomatically, he often manages to come across as abrupt and stubborn.

 

"Privately, however, he can be very engaging and warm – and the enthusiasm and support he has consistently garnered among the investor community has been highly impressive – in fact, it has probably secured both his and the bank's future," according to a rival banker.