Bank of Ireland Group Plc is proposing to delist from the London Stock Exchange to reduce costs, citing negligible trading volume in its London-listed shares compared to its Dublin line. The bank said maintaining the LSE listing no longer serves the interests of the company and its shareholders.

The Dublin-based lender has been implementing cost-cutting measures as it seeks to improve efficiency. In February, Bank of Ireland announced plans to wind down its US acquisition financing business, acknowledging that private credit firms are eroding traditional bank fee revenues. The secondary listing's low liquidity has made it an expensive burden.

The delisting requires shareholder approval at the annual general meeting on May 21 and won't affect the primary Dublin listing. Separately, the bank plans to conduct an odd-lot offer at the AGM, buying back shares from investors holding 30 or fewer shares at a 5% premium to market price.