|
Permanent TSB Group Holdings PLC on Tuesday said the sale by NatWest Group PLC of its entire remaining stake in Permanent TSB was an important step in normalising the ownership of the Dublin-based bank and creating more liquidity for its shares. NatWest, Permanent TSB’s larger Edinburgh-based peer, said after the London market close on Monday it would sell 63.6 million shares, an 11.7% interest in Permanent TSB, through an accelerated bookbuild. Early Tuesday, NatWest said joint bookrunners Goldman Sachs International and JP Morgan Securities PLC sold the shares to institutional investors at €1.98 each, raising €126 million gross. Permanent TSB shares were down 2.8% to €2.03 in London early Tuesday, having closed Monday at €2.16. The lender has a market capitalisation of €1.07 billion. NatWest shares were down 0.3% at 494.20 pence. 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. Ulster Bank is part of NatWest Group. In 2023, NatWest sold 27.3 million ordinary shares in Permanent TSB, reducing its stake from 16.7%. NatWest on Tuesday noted the Irish government took no part in the sale of Permanent TSB shares and has committed to not sell any of its own for at least 90 days. The Minister for Finance of Ireland has a 57.4% stake in Permanent TSB, according to the company’s 2024 annual report. The government holding had been reduced from 62.4% back in June 2023. Permanent TSB said it welcomes the share sale by NatWest.‘This marks another important step towards normalising the composition of our shareholder base and creating further liquidity in the bank’s shares,’ said Chief Executive Eamonn Crowley. ‘It also demonstrates there is a strong market appetite to invest in PTSB.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
