Bawag to Buy PTSB for €1.6 Billion as Irish Bailout Era Ends

Bawag Group AG agreed to buy Irish bank Permanent TSB Group Holdings, putting the Irish banking system on course for full private ownership for the first time since the global financial crash.

The Austrian lender offered to buy Ireland’s third-largest bank for €2.97 per share in an all-cash deal valued at approximately €1.62 billion ($1.9 billion), according to a statement from the lender.