Irish bank Permanent TSB says Austria's Bawag among its M&A suitors

Austria's Bawag Group AG is among suitors circling Permanent TSB Group Holdings PLC, the Irish bank confirmed in a March 18 statement in response to recent media speculation.

PTSB said Bawag is "one of a number of parties" participating in a formal sale process launched in October 2025. PTSB continues to engage with all participants, and there is no guarantee that an offer will be made by Bawag or any other party, it noted.

Bawag said later the same day that its wholly owned subsidiary, Bawag PSK AG, submitted a non-binding proposal which may or may not lead to an offer for PTSB.

The statements come after Austrian newspaper Die Presse reported that Bawag is prepared to offer €1.6 billion for PTSB during the second round of bidding later in March. Such a bid would represent a more than 5% discount to PTSB's current market value, The Irish Times noted.

Other potential bidders include private equity firms Centerbridge Partners LP and Lone Star Global Acquisitions Ltd., The Irish Times previously reported.

PTSB CEO Eamonn Crowley has said the decision to pursue a sale was not in response to any approach for PTSB, although the bank has "seen a significant increase in appetite for [its] shares from international investors."

Separately, Bawag is said to have ended talks to acquire nonbank lender Finance Ireland Credit Solutions DAC, The Irish Times reported March 12.