State and NatWest to sell €110.4m in Permanent TSB shares

Combined, the State and the UK Bank will offload 10% of PTSB following a surge in demand for the bank's shares

FILE PHOTO Permanent TSB has formally agreed to acquire €7.6 billion worth of assets from Ulster Bank Ireland END 22/9/2009. Bank employee held hostage. The Permanent TSB branch in Phibsborough, Dublin where a bank employee was forced to withdraw over 300 thousand euro while her partner was held hostage. Photo: Sasko Lazarov/RollingNews.ie

The state and UK banking giant, NatWest will offload 10% of Permanent TSB onto the market following a surge in demand for the bank's stock.

Finance Minister, Michael McGrath announced on Friday the sale of €55.2m in Permanent TSB shares, reducing the States's shareholding in the bank to 57.4%. Natwest will also receive €55.2 from the sale, retaining an 11.7% stake in the bank.