Austrian BAWAG Secures 91% Shareholder Approval for €1.6 bn PTSB Takeover

Shareholders of Ireland's Permanent TSB (PTSB) voted overwhelmingly in favor of Austrian lender BAWAG's proposed acquisition, with 91.3% support—well above the 75% threshold required. The €1.6 billion deal offers €2.97 per PTSB share, a premium over the pre‑sale price, and is expected to close in the first quarter of 2027.

The transaction now moves to the High Court in Dublin for final approval, after which the European Central Bank in Frankfurt will issue a regulatory decision. The Irish state, which holds roughly 55% of PTSB following a post‑crisis bailout, backs the sale. BAWAG CEO Anas Abuzaakouk and PTSB board chair Julie O'Neill praised the vote as a significant step toward integrating PTSB into BAWAG’s pan‑European banking group.

Pending court and ECB clearance, the deal is set to expand BAWAG’s footprint into the Irish market and is projected to enhance competition and deliver benefits to customers of both banks.