# Irish state, Britain’s NatWest to sell 6% stake in Permanent TSB Author: Pal sinha, Barnali Author URL: https://startupobserver.com/author/pal-sinha-barnali/ Published: 2023-06-02 Category: Headlines Category URL: https://startupobserver.com/category/headlines/ Meta Title: NatWest and Irish State to Sell 6% Stake in Permanent TSB Meta Description: Ireland's finance ministry and NatWest Group to sell 6% of Irish bank Permanent TSB, marking first shares sale by Irish state since 2015. URL: https://startupobserver.com/irish-state-britains-natwest-to-sell-6-stake-in-permanent-tsb/ ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsrmdo0032wirgrt84jr62/images/2023-06-02t014902z2lynxmpej501q1rtroptp4health-coronavirus-variant-ireland-1737046431498-compressed.jpg) LONDON/DUBLIN (Reuters) -Ireland’s finance ministry and British lender NatWest Group said on Thursday they would together sell 6% of Irish bank Permanent TSB, the first sale of shares in the lender by the Irish state since 2015. The two shareholders will each sell 3% in the group to dispose of a combined 33 million shares to institutional investors via an accelerated book building process, they said in parallel statements. Investor demand for the shares covered the sale, bookrunner Goldman Sachs said a few minutes after launching the deal. The finance ministry will continue to hold about 59.4% of PTSB, the country’s third largest mortgage lender, after the share sale, while NatWest will retain 13.6%. PTSB, the smallest of the three domestically owned banks that survived Ireland’s financial crash a decade ago, was effectively nationalised in 2011. The Irish government cut its 99.2% shareholding to 75% in a share offer in 2015 but has not sold any shares in the bank since. NatWest took a near 17% share in the bank as part of PTSB’s recent acquisition of around 7.6 billion euros ($8.37 billion) of loans and assets from NatWest’s Irish unit Ulster Bank, which is exiting the Irish market. That further diluted the Irish government’s holding to 62%. ($1 = 0.9084 euros) (Reporting by Pablo Mayo Cerqueiro in London and Conor Humpries and Graham Fahy in Dublin; Editing by Kirsten Donovan and Susan Fenton) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---