UPDATE: NatWest exits 12% stake in Permanent TSB for EUR126 million

Tue, 15th Jul 2025 09:07

(Alliance News) - NatWest Group PLC on Tuesday confirmed it sold its entire remaining stake in Ireland's Permanent TSB Group Holdings PLC, raising EUR126 million in a share placing with institutional investors.

The Edinburgh-based lender after the London market close on Monday had said it would sell 63.6 million shares, an 11.7% interest in Dublin-based Permanent TSB, through an accelerated book building process.

Early Tuesday, NatWest said joint bookrunners Goldman Sachs International and JP Morgan Securities PLC sold the shares at EUR1.98 each.

Permanent TSB shares were down 2.4% to EUR2.04 in London early Tuesday, having closed Monday at EUR2.16. The lender has a market capitalisation of EUR1.07 billion.

NatWest shares were down 0.1% at 495.20 pence.

NatWest received an original 16.7% stake in Permanent TSB in late 2022 as part payment for Ulster Bank loans it sold to Permanent TSB. Ulster Bank is part of NatWest Group. In 2023, NatWest sold 27.3 million ordinary shares in Permanent TSB, reducing its stake from 16.7%.

NatWest on Tuesday noted the Irish government took no part in the sale of Permanent TSB shares and has committed to not sell any of its own for at least 90 days. The Minister for Finance of Ireland has a 57.4% stake in Permanent TSB, according to the company's 2024 annual report. The government holding had been reduced from 62.4% back in June 2023.

By Jeremy Cutler, Alliance News reporter; updated by Tom Waite, editor

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