Irish state, Britain's NatWest to sell 6% stake in Permanent TSB
Reuters
Published Jun 01, 2023 17:49
Updated Jun 02, 2023 02:51
LONDON/DUBLIN (Reuters) -Ireland's finance ministry and British lender NatWest (LON:NWG) Group said on Thursday they would together sell 6% of Irish bank Permanent TSB, the first sale of shares in the lender by the Irish state since 2015.
The two shareholders will each sell 3% in the group to dispose of a combined 33 million shares to institutional investors via an accelerated book building process, they said in parallel statements.
Investor demand for the shares covered the sale, bookrunner Goldman Sachs said a few minutes after launching the deal.
The finance ministry will continue to hold about 59.4% of PTSB, the country's third largest mortgage lender, after the share sale, while NatWest will retain 13.6%.
PTSB, the smallest of the three domestically owned banks that survived Ireland's financial crash a decade ago, was effectively nationalised in 2011.
The Irish government cut its 99.2% shareholding to 75% in a share offer in 2015 but has not sold any shares in the bank since.
NatWest took a near 17% share in the bank as part of PTSB’s recent acquisition of around 7.6 billion euros ($8.37 billion) of loans and assets from NatWest’s Irish unit Ulster Bank, which is exiting the Irish market. That further diluted the Irish government's holding to 62%.
($1 = 0.9084 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.