18th Mar 2026 08:22
(Alliance News) - Permanent TSB Group Holdings PLC on Wednesday said Bawag Group AG is among its suitors, as the Dublin-based lender's formal sale process continues.
Permanent TSB said Vienna-headquartered Bawag "is one of a number of parties participating in the formal sale process".
The London listed lender, which the Irish state has around a 57% stake in, said there is "no certainty" that Bawag will make an offer.
"The objective of the formal sale process remains the same; to identify a new owner that will enable PTSB to continue building on its recent strategic and financial progress, and to support the company in the next phase of its growth and strategic development," Permanent TSB said.
"PTSB is an important part of the retail banking sector and wider Irish economy, and its continued sustainable growth is critical to ensuring competition in the market and providing choice to consumers. There is no impact to customers as a result of this announcement, and PTSB's operations, products and services remain unaffected by the formal sale process. PTSB continues to support and service customers as normal."
Permanent TSB shares were down 2.3% at EUR3.04 each in London on Wednesday morning, giving it a EUR1.70 billion market capitalisation.
Listed in Vienna, Bawag has a market value of EUR9.34 billion.
On Tuesday, Austrian newspaper Die Presse reported that Bawag was sizing up a move for Permanent TSB.
Bloomberg last month reported that Bawag was assessing a number of acquisition targets.
"We have the bandwidth to be able to address larger acquisitions going forward," Bawag Chief Executive Officer Anas Abuzaakouk told analysts, according to the Bloomberg report.
The Irish government once owned 99% of Permanent TSB, when it bought shares during the financial crisis.
NatWest Group PLC in July sold its stake Permanent TSB, raising EUR126 million. It sold an 11.7% interest through an accelerated book building process. NatWest received an original 16.7% stake in Permanent TSB in late 2022 as part payment for Ulster Bank loans it sold to Permanent TSB. It then trimmed its stake in 2023.
By Eric Cunha, Alliance News news editor
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