"The move will be the biggest shake up in the banking sector since Ulster Bank and KBC Bank quit the market here, if PTSB can find a strategic buyer. Shares in PTSB shot up 20pc on Thursday, to €2.81 each, a level last seen in 2017. Even so, a sale at anything close to the current valuations will leave taxpayers at a loss on the €4bn cost of rescuing what was Irish Life and Permanent back in 2011."
""PTSB has a compelling strategic position within the highly attractive Irish banking market, having undergone a significant transformation in recent years, demonstrating strong business and financial performance and continued growth in its balance sheet and customer base," the bank said on Monday. There has been speculation that Spanish lender Bankinter, which owns the Avant Money brand here and has been expanding it Irish business, could be a buyer."
"In a statement outlining its sale plans, PTSB said it has seen a significant increase in appetite for its shares from international investors, along with what it called "unprecedented demand" for its recent Green Tier 2 issuance. "Consequently, the Board of PTSB, with the support of its largest shareholder, the Minister for Finance of Ireland, Paschal Donohoe, has concluded that it is now in the best interests of the bank and its key stakeholders to commence a FSP with the intention of identifying a new long-term owner of the bank.""
Shares in PTSB rose 20% to €2.81 following news that the bank will start a formal sale process to find a long-term owner. A sale near current valuations would leave taxpayers at a loss on the €4bn 2011 rescue of Irish Life and Permanent, despite around €2.8bn having been recouped, including the €1.3bn Irish Life sale in 2013. PTSB described a strong strategic position and recent transformation, and reported increased international investor appetite and unprecedented demand for a Green Tier 2 issuance. The board, supported by the Minister for Finance, appointed Goldman Sachs to run the FSP.
Read at Irish Independent
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