The Minister for Finance, Paschal Donohoe TD, welcomes the statement by Permanent TSB (PTSB) that it has completed the transfer of residential mortgages and associated staff acquired as part of its transaction with Ulster Bank in the Republic of Ireland.
As expected, PTSB have issued subscription shares to NatWest Group Plc (NatWest) as partial non-cash consideration for the transaction. As a result, NatWest now hold 16.66% of the issued share capital of PTSB and the State’s shareholding in the bank has reduced from 74.9% to 62.4%.
Commenting on the announcement, Minister Donohoe stated:
“This transaction is a hugely positive development for PTSB, its customers, staff and other stakeholders as it enables the bank to strengthen its position in the Irish banking market and position itself for future growth. In the months ahead, I understand that the bank will acquire further loans, staff and branches from Ulster Bank.
As I commented recently, the State has made good progress this year in delivering on its policy of returning our three banks to private ownership. With today’s announcement, our stake in PTSB has reduced from 74.9% to approximately 62.4% and I remain very supportive of PTSB in my capacity as shareholder”.
