BAWAG Group to Buy Permanent TSB for 1.92 Billion Dollars
BAWAG Group will buy Irish lender Permanent TSB for 1.92 billion dollars. This deal enables the Irish government to sell its 57.5 percent stake in the bank.
BAWAG GROUP AG has announced a definitive agreement to acquire the Irish retail lender PERMANENT TSB GROUP HOLDINGS for 1.62 billion euros ($1.92 billion). The move by the bank, headquartered in Austria, is intended to broaden its footprint within the financial market of Ireland.
The transaction price is set at 2.97 euros per share. Permanent TSB represents the smallest of the three primary Irish financial institutions that were restructured following the major state interventions during the euro zone debt crisis more than a decade and a half ago. This sale is expected to facilitate the complete exit of the Irish government from its 57.5% ownership position in the retail bank.
Support for the deal has been confirmed by the state's financial leadership. A statement from Irish Finance Minister Simon Harris confirmed the administration's stance on the upcoming shareholder decision.
The Irish government plans to vote in favour of the deal.
The acquisition follows a period of consolidation in the Irish banking landscape as international players seek to capitalize on the country's economic recovery and retail banking opportunities.
