LONDON: NatWest Group plc on Monday said it plans to sell its entire stake in Permanent TSB Group Holdings PLC via a placing to institutional investors, marking its full exit from the Irish lender.
The placing, launched immediately following the announcement, will be conducted through NatWest’s wholly owned subsidiary RBS AA Holdings (UK) Limited. It will comprise approximately 63.6 million ordinary shares, equating to roughly 11.7% of PTSB’s issued capital.
The placing price will be set through an accelerated book building process, with final terms to be announced later.
Upon completion, NatWest is expected to relinquish its remaining interest in PTSB. Ireland’s Minister for Finance, a co-signatory to a shareholder agreement with the banks, will not participate in the offering and has committed to a 90-day lock-up on any PTSB share sales.
Goldman Sachs International and J.P. Morgan Securities plc, operating in the UK as J.P. Morgan Cazenove, are joint bookrunners on the transaction.