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Ireland Exits Last Bank Holding as BAWAG Acquires Permanent TSB for €1.6bn
The deal will create a stronger rival to AIB and Bank of Ireland, while the State recovers about €931 million from its last bank stake.
- On Tuesday, BAWAG Group agreed to buy Permanent TSB for 1.62 billion euros , marking a major expansion of the Vienna-based bank's European footprint.
- The transaction ends 17 years of Irish State shareholding in PTSB, which required a 4 billion euro bailout during the 2011 financial crisis.
- BAWAG CEO Anas Abuzaakouk called the purchase "transformative," while Finance Minister Simon Harris described it as "the most significant development in the Irish retail banking market in over a decade."
- The Irish government expects to receive 931 million euros for its 57.5% stake, though Goodbody Stockbrokers analyst Denis McGoldrick labeled the agreed price a "disappointing outcome."
- While BAWAG plans to invest "meaningfully" in PTSB operations, opposition politician Pearse Doherty expressed concern about the loss of state ownership and its impact on branches and staffing.
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The bank from Vienna remains on a shopping tour and wants to take over the third largest private and commercial bank in Ireland. Now it is positioning itself with a stock deal.
·Vienna, Austria
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Total News Sources14
Leaning Left5Leaning Right2Center2Last UpdatedBias Distribution56% Left
Bias Distribution
- 56% of the sources lean Left
56% Left
L 56%
C 22%
R 22%
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