PTSB CEO Eamonn Crowley and Chair Julie O'Neill pictured today (Thursday July 30th)
Picture credit: Fennell Photography
PTSB is pleased to announce that it has received approval from shareholders to proceed with BAWAG’s recommended cash offer to acquire PTSB. The shareholders voted at two meetings held in the Conrad Hotel in Dublin this morning to consider the matter; a Scheme Meeting (a meeting of shareholders convened by the High Court to consider the proposed Scheme of Arrangement under which the transaction is structured) and an Extraordinary General Meeting (EGM) of shareholders.
Commenting on today’s result, Chair of the PTSB Board Julie O’Neill said:
"While there are important steps to complete before this transaction is finalised, this is a very significant day for PTSB. I am very pleased that our shareholders have voted in favour of the proposed acquisition of PTSB by BAWAG, marking another key step in the formal sale process and bringing us one step closer to becoming part of BAWAG, a pan European and US banking group with deep expertise in the banking market.
For the last two years the Board has been carefully examining options regarding the long-term ownership of the Bank, and we firmly believe that the formal sale process we launched last October has delivered the best possible price for shareholders and the best outcome for PTSB. This transaction promises certainty and compelling value for all shareholders, providing a meaningful premium to the share price prior to the announcement of the formal sale process.
This acquisition of PTSB by BAWAG also has the potential to deliver significant benefits for customers and to enhance competition in the market. PTSB and our customers will benefit from the scale and investment of a larger parent group. Importantly, customers are not impacted by today’s announcement, and the Bank will continue to support and service customers as normal.
As we approach our 210th anniversary in August, the outlook for the Bank is incredibly positive and we look forward to many more years serving customers and communities across Ireland. The acquisition honours our proud history and positions the Bank strongly for its next phase of growth.
I would also like to thank the Minister for Finance of Ireland and the Government for their support of the Bank since the financial crisis. Upon completion, the State’s €4bn investment in PTSB will be fully repaid and the Bank will return to full private ownership.”
Effective date and timetable
Completion of the Acquisition remains subject to satisfaction or waiver of the other Conditions set out in the Scheme Document including the sanction by the Court of the Scheme at the Court Hearing.
An application will be made in due course to the High Court for sanction of the Scheme, and it is expected that the application for sanction and related orders will be heard in Q4.
An RNS detailing the vote results will be issued later today.
For media queries, please contact leontia.fannin@ptsb.ie
