NATWEST Group has taken the final step in winding down its operations in the Republic of Ireland.
The group has sold its remaining 11.7% stake in Permanent TSB (PTSB), raising €126 million through a share placing with institutional investors.
This exit marks the end of a process begun in 2021, when NatWest announced it would close its Ulster Bank operations in the Republic due to financial underperformance following the banking crisis.
By 2023, Ulster Bank’s branch network had closed, and its loan books were sold to other banks.
The remaining assets are now managed by Ulydian DAC.
NatWest originally acquired a 16.6% stake in PTSB in 2022 as part of a broader deal that transferred some of Ulster Bank’s customers to the Irish lender.
The latest divestment comes just weeks after NatWest returned its Irish banking licence.
PTSB CEO Eamonn Crowley welcomed the move, calling it a “milestone” in the bank’s shareholder normalisation and a reflection of investor confidence in PTSB’s strategic direction.
Market analysts at Davy Stockbrokers said the sale would likely improve share liquidity and remove a long-standing overhang in PTSB stock.
While NatWest continues to operate its Ulster Bank business in Northern Ireland, its exit from the Republic signals the end of a decades-long chapter in Irish banking.