On 7 November 2022, IRE GVT Minister Donohoe welcomed PTSB completion of residential mortgages and associated staff transfer under transaction with Ulster Bank in Ireland.

• Issued subscription shares to NatWest as partial non-cash transaction; it now holds 16.66% PTSB issued share capital/State shareholding down from 74.9% to 62.4%.

Background

• PTSB has signed binding legal agreements with NatWest Group regarding takeover.
• Minister Donohoe said the transaction represents a significant opportunity for PTSB, stakeholders and customers, to consolidate market position, and for future growth.
• Withdrawal of Ulster Bank and KBC from the Irish market, a PTSB with greater scale has a more important role than ever in providing meaningful consumer competition.
• Offers loan certainty, depositors can move to PTSB next year, ensures job security.
• In Dec. 2021, IRE CCPC began investigating proposed AIB takeover.