Permanent TSB
In 2001, Irish Life and Permanent Group acquired the Irish Trustee Savings Bank from the Government of Ireland, and rebranded as Permanent TSB.[4][7]
During the Irish banking crisis the group was split. The profitable Irish Life Group was purchased by the government for €1.3 billion, and subsequently sold to Great-west Lifeco in July 2013.[8] The bank received a further €2.7 billion of capital from the Irish State,[9] bringing it into majority state ownership.[4]
The bank has over one million customers in Ireland. The chief executive of Permanent TSB is Eamonn Crowley, who succeeded Jeremy Masding in that capacity in June 2020.[10]
In March 2011, during the Irish banking crisis the bank was said to be in need of an external €4.0 billion bailout.[11][12]
In February 2011 SEB (Skandinaviska Enskilda Banken AB) acquired Irish Life International Ltd (ILI), so it now operates under the corporate name Life International Assurance Company Limited.[13]
On 19 February 2013, Great-West Lifeco of Canada announced its acquisition of the Irish Life Group for €1.3 billion. This was disputed by the shareholders. The Supreme Court rejected the shareholders' application to delay the sale, pending the hearing of their challenge of the sale. This was heard on 21 January 2014,[14] and concluded on 13 February 2014. Judgement was reserved and on 15 August 2014 the case was referred to Europe.[15][16]
In October 2016, the US bank Cerberus Capital Management bought the UK loan book.[17]
In July 2022, Permanent TSB received approval to acquire a €7.6 billion Ulster Bank loan book by the Competition & Consumer Protection Commission, along with 25 branch properties. Former competitor, Ulster Bank had announced its withdrawal of services from the Republic of Ireland in February 2021.[18]
In June 2023, the Irish Government and NatWest Group each sold 5% stakes in the bank leaving them with 57.4% and 11.7% share respectively.[19]
In October 2023, Permanent TSB launched an overhaul of its brand and business, rebranding to PTSB, following its acquisition of a large portion of Ulster Bank which was withdrawing from the Republic of Ireland.[20]
On 30 October 2025, PTSB announced that it was putting itself up for sale. The decision came as a way to return the company to private ownership after being majority owned by the state.[21] As of March 2026, several parties had made bids and were in the running to acquire PTSB, including Centerbridge Partners (with J.C. Flowers & Co. as a possible partner), Austria's Bawag bank, and US private equity firm Lone Star.[22][23]
In July 2025, NatWest sold all of its remaining shares in PTSB.[24]
In April 2026, Austrian lender BAWAG agreed to acquire PTSB in an all-cash deal which valued the company at approximately €1.62 billion. The acquisition marked the end of the Irish government's direct ownership in the country's retail banks following the financial crisis-era bailouts.[25]
