Two US bidders join battle to take over Permanent TSB

Austrian bank BAWAG already has submitted a non-binding proposal to acquire the Irish bank

The battle to take over Permanent TSB continues after the bank confirmed on Monday that a further two US-led bidders have entered the sale process. Picture Andres Poveda

The battle to take over Permanent TSB continues after the bank confirmed on Monday that a further two US-led bidders have entered the sale process.

US private equity group Lone Star Fund XII Acquisitions and a consortium involving two US investment firms Sixth Street Luxembourg and Centerbridge Partners are now officially participants in the sale process which was first announced by PTSB on October 30 last. Austrian bank BAWAG already has submitted a non-binding proposal to acquire the bank.

"The formal sale process remains ongoing. PTSB expects to continue to engage with relevant parties, including potential offerors and other stakeholders, in relation to the formal sale process in the coming weeks," a PTSB statement said on Monday.

PTSB continues to be in an offer period. The sale, if successful, would result in the Government exiting its 57.4% stake, invested during the financial crisis 15 years ago. PTSB expects the sale process to conclude in the first half of 2026.

"The objective of the formal sale process remains the same; to identify a new owner that will enable PTSB to continue building on its recent strategic and financial progress, and to support the Company in the next phase of its growth and strategic development."

"PTSB is an important part of the retail banking sector and wider Irish economy, and its continued sustainable growth is critical to ensuring competition in the market and providing choice to consumers. There is no impact to customers as a result of this announcement, and PTSB’s operations, products and services remain unaffected by the Formal Sale Process. PTSB continues to support and service customers as normal."