PTSB has welcomed NatWest's decision to fully divest of its stake in the bank as an "important step" towards normalising its shareholder base and creating further liquidity in its shares.
NatWest sold its 11.7 per cent stake in PTSB for approximately €126m. The 63.6m ordinary shares were sold at a price of €1.98 per share.
Paschal Donohoe, the Minister for Finance, has agreed not to sell any of the state's shares in PTSB for a period of 90 days following the placing in accordance with the terms of a shareholder cooperation agreement.
Following the announcement, Eamonn Crowley, chief executive of PTSB, said: "We welcome the decision by NatWest to dispose of their shareholding in PTSB.
"This marks another important step towards normalising the composition of our shareholder base and creating further liquidity in the bank's shares.
"It also demonstrates there is a strong market appetite to invest in PTSB, and confidence in our strategic direction to deliver real and sustainable value for our shareholders.
"I would like to take the opportunity to thank NatWest for their support for PTSB over the last few years, in particular their role in supporting our acquisition of Ulster Bank businesses in Ireland."
PTSB acquired €6.2bn in mortgages from Ulster Bank in 2022 as the lender exited the Irish market. The bank also took over the Lombard asset finance business and 25 former Ulster Bank branches.
NatWest announced its intention to sell its PTSB shares on Monday. Goldman Sachs and JP Morgan acted as joint bookrunners for the placing.
(Pic: Chris Ratcliffe/Bloomberg via Getty Images)
