PTSB shareholders voted 91.3% in favour of selling the bank to Austrian group Bawag, clearing a major hurdle for a €1.6 billion takeover offer. The decisive vote follows a strong financial reporting period for the Irish lender, which recently posted a profit surge and a jump in net interest income ahead of the meeting, according to the Irish Times and Irish Independent.
Shareholder Approval and Transaction Scope
Investors overwhelmingly backed the proposal during the general meeting, delivering a 91.3% majority in support of the transaction, as reported by the Irish Times. The agreement values the Irish bank at approximately €1.6 billion, handing control of the institution to Vienna-based Bawag Group. According to the Irish Examiner, the final tally reached 91% approval among voting shareholders.
Financial Performance Leading Up to the Vote
According to the Irish Independent, the bank reported a surge in profits leading into the crucial ballot. Net interest income also rose, signaling steady operational performance prior to the acquisition agreement.
Regulatory Timeline and Next Steps
Worth a look