BAWAG Group has received European Central Bank approval for its planned acquisition of Permanent TSB, the Austrian lender said on 6 November 2026, advancing its €2.97-a-share, €1.62bn recommended cash offer for the Irish bank.
Why BAWAG Group AG (via BAWAG P.S.K.) is buying Permanent TSB Group Holdings plc (PTSB)
BAWAG said in April that the deal would create a credible competitor to Ireland's two largest banks, combining its scale and capabilities with PTSB's local franchise. It committed to keeping PTSB's principal operations, customer-facing functions, a meaningful branch presence and key decision-making in Ireland.
“Following a robust and competitive formal sale process, the PTSB Board is pleased to confirm that it has agreed the terms of a transaction with BAWAG.”
Deal terms and financing
PTSB shareholders receive €2.97 a share in cash, a premium of about 26% to the undisturbed price of €2.35 on 29 October 2025, the day before PTSB announced a formal sale process. The offer values PTSB at about €1.62bn, or 14.4 times FY2025 earnings and 0.82 times tangible book value, and the FY25 dividend is paid on top. The Irish State will receive €930.7m. The deal is being implemented by a scheme of arrangement and funded from BAWAG PSK's own resources.
Regulatory approvals and timing
With ECB approval granted on 6 November, completion remains subject to sanction of the scheme by the High Court. Shareholders voted in July to approve the deal, and at the sanction hearing in late October four shareholders objected that the price was too low. The parties expected the scheme to become effective in Q4 2026 or Q1 2027.
Market context
The sale completes the State's exit from its remaining shareholding in PTSB, which it supported during the financial crisis. BAWAG has operated in Ireland since 2015 and launched retail business there through MoCo in 2023.
