Permanent TSB to return €400m to the State

Permanent TSB to return €400m to the State

Permanent TSB has said it intends to return 400 million euro to the State.

The nationalised lender saw its pre-tax losses drop by €620m last year to €48m.

PTSB has said it is looking to raise more than half-a-billion euro from private investors and added it will sell €3.5bn worth of mortgage loans.

The bank's chief executive Jeremy Masding has said the plans will "transform" the group and start the process of returning Permanent TSB to the private sector as a "standalone source".

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