State holding in PTSB to shrink to 60% due to Ulster Bank deal

As part of the €7.6 billion loan book buyout, NatWest is due a 20 per cent share in Permanent TSB, which will dilute the shareholding of other investors

25th July, 2021
State holding in PTSB to shrink to 60% due to Ulster Bank deal
Permanent TSB’s new chief executive, Eamonn Crowley. Picture: Fergal Phillips.

The size of the government’s majority shareholding in Permanent TSB is set to reduce to around 60 per cent after the bank announced plans last Friday to acquire €7.6 billion of mortgages and business loans from Ulster Bank.

Under the terms of the deal, NatWest, the British parent of Ulster Bank, will take a circa 20 per cent stake in PTSB, which will dilute the shareholdings of other investors, including the Irish state. This...

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