Permanent TSB Group Holdings confirmed today that Austrian bank BAWAG is one of a number of parties participating in the formal sale process which was announced by the bank last October.
In a statement today, PTSB said it noted the the recent media speculation about BAWAG.
It said the formal sale process remains ongoing, and PTSB continues to engage with all parties participating in the process.
PTSB had put itself up for sale to capitalise on a rise in demand for its shares from international investors and to allow the government to sell the last of its shares in the sector.
"Shareholders are advised that this announcement does not represent a firm intention by BAWAG or any other party to make an offer under Rule 2.7 of the Irish Takeover Rules and there can be no certainty that any offers will be made, that any sale or other transaction will be concluded, nor as to the terms on which any offer or other transaction may be made," the bank said.
It added that the objective of the formal sale process remains the same - to identify a new owner that will enable PTSB to continue building on its recent strategic and financial progress, and to support the company in the next phase of its growth and strategic development.
Austrian newspaper Die Presse reported yesterday that BAWAG is ready to bid €1.6 billion for the bank.
"PTSB said it is an important part of the retail banking sector and wider Irish economy, and its continued sustainable growth is critical to ensuring competition in the market and providing choice to consumers," the bank said in today's statement.
"There is no impact to customers as a result of this announcement, and PTSB's operations, products and services remain unaffected by the formal sale process. PTSB continues to support and service customers as normal," it added.
PTSB is the smallest of the three Irish banks that emerged from the euro zone's biggest state rescue over 15 years ago. The sale, if successful, would result in the Government exiting its 57.4% stake.
The bank said in October it had no conversations with potential buyers before launching the sale and that it expected the process to conclude in the first half of 2026.
Investors will be watching for signs of renewed interest in Ireland's highly concentrated banking sector, four years after Belgian lender KBB and NatWest's Ulster Bank left the market, and almost two decades since other foreign banks suffered big losses during Ireland's banking crash.
PTSB shares moved higher in Dublin trade today.
Additional reporting by Reuters
