Ireland, NatWest sell 10% stake in Permanent TSB

The Irish government and UK bank NatWest have jointly sold a 10% stake in Permanent TSB for a combined €110m.

They sold 54.6 million shares in the Irish bank, having planned originally to sell a combined 6%.

The Irish government now holds 57.4% of PTSB while NatWest will keep an 11.7% stake.

PTSB was effectively nationalised in 2011 after Ireland's financial crash. 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 17% share in the bank as part of PTSB's recent acquisition of around €7.6bn 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 Frank Prenesti for Sharecast.com