NatWest Group has sold its remaining stake in Permanent TSB Group Holdings for approximately 126 million euros, completing its phased withdrawal from the Republic of Ireland, the company said Tuesday.
The British lender sold its entire 11.7% holding, comprising about 63.6 million shares, at a price of 1.98 euros per share through an accelerated book-building process.
The sale marks the final step in a multi-year strategy to exit the Irish market, which began in 2021 as part of a wider simplification to focus on its core British operations.
NatWest acquired the stake as partial consideration for the sale of assets from its Ulster Bank business in Ireland to Permanent TSB, which included mortgages, small-business loans, and branches.
The disposal will have an immaterial impact on NatWest's key capital ratio and its tangible net asset value per share, according to the company.
The Irish government, which also holds a stake in Permanent TSB, has agreed not to sell any of its shares for 90 days following the completion of the sale, NatWest said.
Goldman Sachs and J.P. Morgan Cazenove acted as joint bookrunners for the transaction, which is expected to settle on July 17.
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NatWest Group said on Monday it plans to sell its entire 11.7% stake in Permanent TSB Group Holdings, completing its phased withdrawal from the Republic of Ireland.