Permanent TSB has completed the sale of the Irish Life Group to the Minister for Finance for €1.3 billion.

The conclusion of this sale completes the recapitilisation of the bank as directed by the Central Bank.

The Minister for Finance welcomed the announcement which means the acquisition of 100% of Irish Life and its subsidiary companies is complete.

Michael Noonan said that Irish Life is a valuable asset and that it will be allowed to operate as a commercial entity.

The objective is to maximise the proceeds for the State when market conditions allow for a sale.

The sale was concluded following the State successfully defending a legal challenge in relation to a High Court Direction Order granted in March 2012.

Michael Noonan, in his statement, also noted that two legal challenges to Finance investing €2.7 billion into Irish Life and Permanent Group Holdings are ongoing and that they will be defended in full.

The completion of the sale marks the legal separation of the businesses of Permanent TSB and Irish Life.

The two businesses are now fully independent with separate boards, separate management teams and separate ownership structures and they will operate independently of each other.

Permanent TSB is listed on the Irish Stock Exchange. The Irish Life Group is owned by the State and is no longer listed on the stock exchange.