State and NatWest launch surprise sell-down of Permanent TSB shares via IrishTimesBiz
“Permanent TSB welcomes the announcement this evening of the intention of the Minister for Finance and NatWest to sell a portion of their holdings of the bank, reflecting the strong progress made by the bank in recent years,” a spokeswoman for PTSB said.
PTSB’s purchase of €6.1 billion of mortgages and €165 million of microbusiness loans since last November from Ulster Bank, and imminent purchase of the UK-owned lender’s Lombard Asset Finance Business, has transformed the prospects of the bank. Minister for Finance Michael McGrath is expected to raise about €35 million from the share sale, which would increase the amount recouped by the State since its €4 billion bailout in 2011 to about €2.74 billion. The total includes cash received from the sale of PTSB’s former sister company Irish Life, as well as a previous share sale, redemption of bailout bonds, guarantee fees and interest payments. Its remaining stake – after the share placing – is currently worth a little over €710 million.
However, sources told The Irish Times last month that PTSB, which has not paid a dividend since before the financial crisis, is unlikely to be in a position to return to making payouts to investors for at least two years.
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