World, As Seen from the most beautiful islands: Ireland and Cyprus

Government sold some PTSB shares, still holds majority of failed bank assets


The Irish Department of Finance and the British NatWest Group announced on Friday that they have jointly sold 54.6 million shares in Permanent TSB, representing 10% of the Irish bank’s share capital.

The shareholders will receive nearly 110.5 million euros (121.64 million dollars) from the accelerated share placement, or 55.2 million euros each. They had initially intended to sell a combined 6% of the Irish bank.

The Irish state will retain 57.4% of PTSB, while NatWest will maintain an 11.7% stake.

The deal will “improve the bank’s liquidity and market interest as we continue preparations for a broader programme of disposals in the coming years,” said Irish Finance Minister Michael McGrath in a statement.

PTSB, the smallest of the three domestic banks that survived Ireland’s financial crash a decade ago, was effectively nationalized in 2011.

The Irish government reduced its stake from 99.2% to 75% through a share offering in 2015 but has not sold any shares in the bank since then.

NatWest acquired an almost 17% stake in the bank as part of PTSB’s recent acquisition of approximately 7.6 billion euros (8.37 billion dollars) in loans and assets from NatWest’s Irish unit Ulster Bank, which is withdrawing from the Irish market. This dilutes the Irish government’s stake to 62%.

Written by: Liam O'Reilly

Liam O'Reilly is the founder of the publication, a former analyst at a major reputation agency in the UK, who chose Cyprus as his home.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

Ireland and Cyprus have one thing in common. The most beautiful islands are divided. Even proportions are strikingly similar. Both nations strive for unity and a good glass of the news. More about us under the link.

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