Banking

State to sell down stake in Permanent TSB

The sale will also see NatWest sell 3 per cent of its stake in the bank

A total of 6 per cent of shares in Permanent TSB will be sold. Picture: Bryan Meade

The government will sell 3 per cent of its stake in Permanent TSB, with NatWest announcing it will also sell 3 per cent of its stake.

The placing will comprise of around 33 million Permant TSB shares with the state’s stake dropping to 59.4 per cent and NatWest’s to 13.6 per cent.

NatWest said that the selling price will be determined by way of an accelerated book building process with institutional investors, which will be ...