# Irish state, Britain’s NatWest to sell 6% stake in Permanent TSB
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-06-02
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: NatWest and Irish State to Sell 6% Stake in Permanent TSB
Meta Description: Ireland's finance ministry and NatWest to sell 6% of PTSB as part of share disposal, marking first Irish state sale since 2015. Stay updated with the
URL: https://financedigest.com/irish-state-britains-natwest-to-sell-6-stake-in-permanent-tsbhtml

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# Irish state, Britain’s NatWest to sell 6% stake in Permanent TSB

LONDON/DUBLIN (Reuters) -Ireland’s finance ministry and British lender NatWest Group said on Thursday they would together sell 6% of Irish bank Permanent TSB, the first sale of shares in the lender by the Irish state since 2015.

The two shareholders will each sell 3% in the group to dispose of a combined 33 million shares to institutional investors via an accelerated book building process, they said in parallel statements.

Investor demand for the shares covered the sale, bookrunner Goldman Sachs said a few minutes after launching the deal.

The finance ministry will continue to hold about 59.4% of PTSB, the country’s third largest mortgage lender, after the share sale, while NatWest will retain 13.6%.

PTSB, the smallest of the three domestically owned [banks that survived Ireland’s financial](https://www.financedigest.com/open-banking-the-game-changer-in-digital-finance-products.html "Open Banking: The Game-Changer in Digital Finance Products") crash a decade ago, was effectively nationalised in 2011.

The Irish government cut its 99.2% shareholding to 75% in a share [offer](https://www.financedigest.com/world-shares-rally-as-china-offers-markets-a-hand.html "World shares rally as China offers markets a hand") in 2015 but has not sold any shares in the bank since.

NatWest took a near 17% [share in the bank as part of PTSB’s recent acquisition of around 7.6 billion euros](https://www.financedigest.com/mexicos-femsa-launches-second-3-billion-euro-sale-of-heineken-shares.html "Mexico’s FEMSA launches second 3 billion euro sale of Heineken shares") ($8.37 billion) of loans and assets from NatWest’s Irish unit Ulster Bank, which is exiting the Irish market. That further diluted the Irish government’s holding to 62%.

($1 = 0.9084 euros)

(Reporting by Pablo Mayo Cerqueiro in London and Conor Humpries and Graham Fahy in Dublin; Editing by Kirsten Donovan and Susan Fenton)


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