BAWAG to buy Irish lender PTSB in €1.62bn deal

BAWAG has agreed to acquisition Permanent TSB Group Holdings (PTSB) successful a currency transaction valued astatine astir €1.62bn ($1.9bn).

The connection is for each issued and to beryllium issued shares successful PTSB astatine €2.97 each.

Ireland’s Minister for Finance owns astir 57.5% of PTSB, and the authorities intends to backmost the transaction.

The PTSB committee has besides supported the deal.

Completion of the woody depends connected respective conditions, including support from the required bulk of PTSB shareholders, regulatory and different clearances, and support by the Irish High Court.

PTSB has astir 1.3 cardinal customers and has chiefly operated arsenic a owe lender, alongside retail banking services delivered done a nationwide subdivision network.

At the extremity of 2025, its equilibrium expanse stood astatine €30.5bn, including €22.2bn successful lawsuit loans and €24bn successful retail deposits.

BAWAG Group operates crossed Europe and the US and serves much than 4 cardinal customers. It has been contiguous successful Ireland since 2015 and introduced its MoCo owe and deposit level successful 2023.

Following the acquisition, BAWAG’s equilibrium expanse is acceptable to transcend €100bn successful assets, with much than 5 cardinal customers crossed 7 countries and activities spanning retail and SME banking, arsenic good arsenic corporate, commercialized existent property and nationalist assemblage lending.

The transaction would people the Irish government’s exit from its past remaining slope involvement dating from the fiscal crisis.

The merchantability would permission the authorities with a nonaccomplishment of €300m connected the €4bn bailout provided to PTSB successful 2011, reported Reuters citing a concern ministry spokesperson

The transaction is expected to adjacent successful the 4th fourth of 2026 oregon the archetypal 4th of 2027, taxable to regulatory approvals, the quality bureau added.

BAWAG Group CEO Anas Abuzaakouk commented: "Building connected our beingness successful Ireland since 2015 and the constitution of our retail concern with MoCo successful 2023, the projected acquisition represents a highly strategical accidental to fortify our competitory positioning by bringing unneurotic PTSB's section marketplace expertise and committedness to assemblage banking with the equilibrium expanse strength, scale, and operational capabilities of BAWAG Group.

“We are good positioned to thrust contention done concern and innovation, supporting PTSB's customers and, much broadly, the Irish economy, portion delivering long-term, sustainable growth.”

"BAWAG to bargain Irish lender PTSB successful €1.62bn deal" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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