The management board of BAWAG Group AG (“BAWAG”) and the board of directors of Permanent PTSB Group Holdings plc (“PTSB”) are pleased to announce that they have agreed the terms of a cash offer by BAWAG following a rigorous and competitive Formal Sales Process.
BAWAG and PTSB believe the Acquisition has the potential to deliver significant benefits for customers, combining BAWAG’s scale and capability with PTSB’s deep roots in Irish communities to deliver an even stronger customer experience through greater choice, improved service and continued innovation.
PTSB’s operations, products and services are unaffected by this announcement, and PTSB will continue to support and service customers as normal through our voice and digital channels, as well as through our network of 98 branches nationwide.
Customers can be assured of the safety and security of their funds, along with our continued focus to deliver an exceptional customer experience.
See below ‘frequently asked questions’ to support you with the queries you may have regarding the Formal Sale Process, including PTSB’s most recent announcement on 14 April 2026.
Q1. What was the announcement made on 14 April 2026?
The management board of BAWAG Group AG (“BAWAG”) and the board of directors of Permanent PTSB Group Holdings plc (“PTSB”) are pleased to announce that they have agreed the terms of a cash offer by BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (“BAWAG PSK”), a wholly owned subsidiary of BAWAG, which has been unanimously recommended by the PTSB Board, pursuant to which BAWAG PSK will acquire the entire issued share capital of PTSB.
This marks the successful conclusion of PTSB’s rigorous and competitive formal sale process, with a highly attractive cash offer delivering compelling value for PTSB Shareholders.
The Acquisition is conditional on, among other things, the approval of PTSB shareholders, receipt of any necessary regulatory (or other) approvals, and the sanction of the Scheme by the High Court of Ireland.
Q2. Who is BAWAG?
As stated in the announcement today, BAWAG Group is one of Austria’s largest international banking groups and operates under many well-recognised brands, including: “BAWAG” and “easybank” in Austria, “easybank” and “Südwestbank” in Germany, “Knab” in the Netherlands, “MoCo” in Ireland, and “Idaho First Bank” in the United States. BAWAG’s Irish branch, operating as MoCo (“MoCo”) is a Dublin-based branch originating mortgage loans and, most recently, offering a deposit product in Ireland.
As an established pan-European and U.S. banking group with deep knowledge of the banking sector, BAWAG is well positioned to support the next phase of PTSB’s growth, while strengthening its role as a pillar bank in the Irish retail banking market.
BAWAG is confident that the combination would create a highly credible competitor to the two major Irish banks, with a strong foundation of a larger banking group with deep expertise that is well experienced in retail and SME banking.
Q3. Does BAWAG take immediate ownership of PTSB?
No - the Acquisition is conditional on the approval of PTSB shareholders, receipt of any necessary regulatory (or other) approvals, and the sanction of the Scheme by the High Court of Ireland.
It is anticipated that the Scheme will, subject to the satisfaction or (where applicable) waiver of the conditions, become effective in Q4 2026 or Q1 2027.
Q4. Who made the decision to select BAWAG as the recommended offeror?
The Board of PTSB unanimously recommended the cash offer proposed by BAWAG.
The Board’s decision followed a thorough evaluation of value, certainty, stakeholder considerations and long-term strategic fit. The Board is confident BAWAG brings the long-term ambition, capability and capital to accelerate PTSB’s growth and strengthen competition for customers in the Irish market.
Q5. Is The Minister for Finance of Ireland supportive of the Board’s decision?
Yes, the Tánaiste and Minister for Finance has welcomed the announcement and has issued a statement in support of the Board’s decision.
Q6. What will this mean for The Minister for Finance of Ireland’s shareholding in PTSB?
If the Acquisition completes, the Minister for Finance will dispose of its entire shareholding in PTSB to BAWAG and will no longer be a shareholder of PTSB.
Q7. How much money will be returned to the Irish State as a result of this Acquisition?
This transaction represents a very positive outcome for shareholders, customers and colleagues, and for the wider Irish banking system. It also delivers a clear and positive outcome for the Irish State, with approximately €931 million in proceeds on completion, enabling the State’s full exit from PTSB.
Q8. What about the other bidders that were named previously. Are they still in the formal sale process?
No. The announcement marks the successful conclusion of PTSB’s rigorous and competitive FSP, with a highly attractive cash offer delivering compelling value for PTSB’s shareholders.
Q9. Does this announcement impact on customers, operations, products or services?
BAWAG and PTSB believe the Acquisition has the potential to deliver significant benefits for customers, combining BAWAG’s scale and capability with PTSB’s deep roots in Irish communities to deliver an even stronger customer experience through greater choice, improved service and continued innovation.
PTSB’s operations, products and services are unaffected by this announcement, and the Bank will continue to support and service customers as normal.
Customers can be assured of the safety and security of their funds, along with our continued focus to deliver an exceptional customer experience.
Frequently asked questions issued on 30 October 2026
Q1: What is a Formal Sale Process (“FSP”)?
In commencing a Formal Sale Process, the Board of PTSB is inviting potential interested bidders to participate in a confidential process which, if successful, may result in a new owner for PTSB.
If the Formal Sale Process results in an offer for the entire issued share capital of PTSB, that offer would be subject to shareholder approvals and applicable regulatory consents.
There can be no certainty that the FSP will result in any offer or transaction being completed, nor as to the terms on which any offer or other transaction may be made.
The process is overseen by the Irish Takeover Panel and is subject to the Irish Takeover Rules.
Q2: Are customers impacted by this announcement? Do customers need to take any action?
No. There is no impact to customers as a result of this announcement, and there is no action required of customers. PTSB’s operations, products and services are unaffected by the announcement of the Formal Sale Process. PTSB will continue to support and service customers as normal.
Q3: Does the FSP mean that PTSB is exiting the Irish banking market?
No – PTSB is not exiting the Irish banking market. The Formal Sale Process, if successful, may result in a change in the ownership of PTSB. This Formal Sale Process is a positive development for PTSB and evidence that PTSB is in a position of strength in the Irish retail banking market.
Q4: Who owns PTSB currently?
PTSB is currently owned by a number of institutional and retail shareholders. The Minister for Finance of Ireland is PTSB’s majority shareholder at 57.5%, and The Minister for Finance of Ireland is supportive of the Board’s decision to commence the Formal Sale Process.
The Minister for Finance of Ireland believes that it is in the long-term interests of PTSB and citizens in general that PTSB be returned to full private ownership.
If the Formal Sale Process results in an offer for the entire issued share capital of PTSB, that offer would be subject to shareholder approvals and applicable regulatory consents.
If the Formal Sale Process results in the sale of PTSB, the successful bidder will become the new owner of PTSB, and The Minister for Finance of Ireland will no longer retain any shareholding in PTSB.
Q5: Why has PTSB’s Board decided to do this now?
PTSB has a compelling strategic position as Ireland’s third largest bank, having undergone a significant transformation in recent years, demonstrating strong business and financial performance and continued growth in its balance sheet and customer base.
PTSB has built a sustainable business that is competing very strongly in the Irish personal and business banking markets.
Notwithstanding this success, there is a significant market opportunity for PTSB to further increase its presence and share of the Irish retail banking market.
Given the robust economic backdrop PTSB is operating within, and increased investor appetite in PTSB shares, the Board is of the view that now is the right time to seek a new long-term strategic owner for PTSB that will enable PTSB to unlock its potential for further growth and scale.
The above information is not a summary of the information in the Announcement and should not be regarded as a substitute for reading the Announcement in full.
The Directors of PTSB accept responsibility for the above information and in the Announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the above information and the information in the Announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
