Ireland's Finance Ministry and Britain's NatWest Group said on Friday they had jointly sold 54.6 million shares in Permanent TSB representing 10% of the Irish bank's share capital.
The shareholders will receive close to 110.5 million euros from the accelerated share placement, or 55.2 million euros each. They had originally set out to sell a combined 6% of the Irish bank.The deal will "help improve liquidity and interest in the bank as we continue preparations for a wider disposal programme in the coming years," Irish Finance Minister Michael McGrath said in a statement.
PTSB, the smallest of the three domestically owned banks that survived Ireland's financial crash a decade ago, was effectively nationalised in 2011. The Irish government cut its 99.2% shareholding to 75% in a share offer in 2015 but had 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 of loans and assets from NatWest's Irish unit Ulster Bank, which is exiting the Irish market. That diluted the Irish government's holding to 62%.
Reporting by Pablo Mayo Cerqueiro in London and Conor Humpries and Graham Fahy in Dublin; editing by Jason Neely
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