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.
The British lender intends to sell approximately 63.6 million shares in the Irish bank to institutional investors through an accelerated book-building process, the company said in a statement.
The sale marks the final step in NatWest's exit from its Irish operations, a strategy that has previously included the sale of other assets to PTSB and Allied Irish Banks.
The final price and exact number of shares to be sold will be announced after the book-building process is complete.
According to the company, the Minister for Finance of Ireland, which also holds a stake in PTSB, has agreed not to sell any shares for a 90-day period following the placing.
Goldman Sachs and J.P. Morgan Cazenove are acting as joint bookrunners for the sale.
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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.