PTSB chief executive defends claim he 'misled investors' by omitting Centerbridge bid in analyst call

Eamonn Crowley said no approach was made to the Government before the bank launched its formal sales process in October last year, despite being informed the previous month that US firm Centerbridge submitted a non-binding proposal 

Eamonn Crowley, CEO of PTSB.

The chief executive of PTSB has defended comments he made last year which suggested there had been no interest in the finance department's stake in the bank when he said last October that “no approach has been made to the Government”.

Eamonn Crowley confirmed he knew that US firm Centerbridge had approached the Government before PTSB launched its formal sales process in October last year, but that the offer was rejected.

Finance minister Simon Harris confirmed to the Dáil on Thursday that New York private-equity firm Centerbridge had submitted a non-binding proposal in early September for the State’s stake, which it rejected. 

When questioned by Sinn Féin's finance spokesperson, Pearse Doherty, who claimed the CEO appeared “to mislead the investors” on the call, Mr Harris said that he couldn’t account for why the chief executive said he was unaware of the offer.

"In early September 2025, the Department of Finance informed the company of its intention to reject a non-binding and indicative proposal which it had received from Centerbridge to acquire the Minister’s stake in PTSB. The Board was advised of this matter," PTSB said on Friday. 

On October 30, the Board of PTSB launched a formal sales process for the company. On an analyst call that day, PTSB said Mr Crowley was asked whether the Board’s decision to commence the sales process was “in response to an approach that was made to the Government”. 

Mr Crowley stated in his reply, insofar as he was aware, “no approach had been made to the Government”.

Defending his remarks, the PTSB CEO said his answer was intended to convey that the Board’s decision to commence the sales process was not made in response to an approach to the Government and that he was not aware of any approach that the Department was willing to engage on or pursue. 

“I did not intend to suggest that there had been no interest in the Minister’s shares or engagements with the department at all over previous months in respect of their shareholding," said Mr Crowley. 

"In further answers on the same analyst call that day, I did state clearly that the PTSB was aware of ongoing interest in the company more generally.” 

“It is important to remember that the sales process was widely marketed and that Centerbridge participated fully in it. The public and comprehensive nature of the process was intended to generate the highest deliverable price for the shareholders, and we believe that it has achieved that. 

"As announced on April 14, it secured an offer considerably higher than the share price had been before the sales process began."

PTSB is to be sold to Austria's BAWAG Group for €1.6bn, a deal which is valued at €2.97 per share.