PTSB seeks court approval for €1.6bn sale process to Bawag

Minority shareholders opposing PTSB's process of approving the acquisition scheme

Sat Shah, deputy chief executive of Bawag Group and Eamonn Crowley, chief executive of PTSB.

Permanent TSB is seeking approval from the Commercial Court for the proposed €1.6bn sale of the bank to Austrian banking group Bawag.

However, PTSB shareholder Piotr Skoczylas, a director of Scotchstone Capital, which has a 1% share, along with two other minority shareholders, are opposing PTSB's process of approving the acquisition scheme.