PTSB's new owner promises investment but says it is 'premature' to talk about redundancies

BAWAG deputy CEO Sat Shah and PTSB CEO  Eamonn Crowley. Picture: Fennell Photography

PTSB’s proposed new owner has promised to invest in the bank, modernise its branch network, as well as expand product offerings but said it was “little bit premature” to talk about job numbers and potential redundancies.

On Tuesday, it was announced that Austrian bank BAWAG has won the race to acquire PTSB in an all cash transaction valued at just over €1.6bn. PTSB put itself up for sale in October last year.