High Court to sanction Permanent TSB takeover by Austrian bank BAWAG

Permanent TSB Group Holdings Public Limited Company has given formal notice that the High Court of Ireland will hear its application to sanction a scheme of arrangement under which the Austrian bank BAWAG would acquire the entire issued share capital of the company. The sanction hearing is fixed for 11am (GMT) on 27 October 2026 at The Four Courts, Inns Quay, Dublin 7, as published in the legal notices of Iris Oifigiúil, Number 72, of Tuesday 8 September 2026.

The notice, issued under the Companies Act 2014 and the Irish Takeover Panel Act 1997, concerns a proposal for a scheme of arrangement pursuant to Part 9, Chapter 1 of the Act, and is recorded under Record No. 2026 165 COS.

The scheme and the acquisition

The purpose of the scheme is to effect the acquisition of the entire issued share capital of Permanent TSB Group Holdings (company number 474438) by BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (BAWAG PSK) or BAWAG Group AG (BAWAG).

The scheme was approved by a resolution passed at a meeting of the company’s shareholders held on 30 July 2026, convened in accordance with an order of the High Court of Ireland (Commercial Division) made on 13 May 2026. The company now applies, pursuant to Section 453(2)(c) of the Act, for an order sanctioning the scheme, together with any necessary orders in advance of the satisfaction of all conditions to the scheme and such ancillary orders as may be necessary.

Court timetable and deadlines

On 4 September 2026 the Court ordered a timetable for the progress of the proceedings, setting out the deadlines that interested parties must meet before the sanction hearing:

• 5pm (GMT) on 28 September 2026 — any interested party intending to appear at the hearing must give notice of its intention to the company’s solicitors, A&L Goodbody LLP, and file and serve any affidavit evidence it intends to rely on.
• 5pm (GMT) on 9 October 2026 — the company to file a supplemental affidavit in reply to any interested parties’ affidavits.
• 5pm (GMT) on 9 October 2026 — the company to deliver legal submissions.
• 6 October 2026 — any party seeking an order as to the conduct of the hearing (including as to oral evidence) must issue and serve a notice of motion, returnable on 12 October 2026.
• 11am (GMT) on 12 October 2026 — further directions and case-management hearing for the company to update the Court on the number of interested parties and on issues relating to the conduct of the hearing.
• 5pm (GMT) on 16 October 2026 — interested parties having indicated an intention to appear to deliver legal submissions, subject to a 10,000-word limit.
• 11am (GMT) on 27 October 2026 — the sanction hearing.

How to obtain documents

A copy of the company’s originating notice of motion and the affidavit supporting its application may be obtained from the company’s solicitors, A&L Goodbody LLP, of 25 North Wall Quay, Dublin 1, upon request by email to ptsb@algoodbody.com. Information concerning or arising from the hearing will also be advertised on the company’s website at permanenttsbgroup.ie. The notice is dated 7 September 2026 and signed by A&L Goodbody LLP as solicitors for the company.

Why it matters

The proposed acquisition would hand control of one of Ireland’s main retail banks to the Austrian financial group BAWAG, a transaction of direct consequence for the bank’s shareholders, who will see their holdings acquired under the scheme, and for its customers, whose banking relationship would pass under new ownership. The High Court’s sanction, if granted on 27 October, would clear the final judicial hurdle for a deal that reshapes the Irish banking landscape.

Source: Iris Oifigiúil, No. 72, 8 September 2026, Section I (official reference: Record No. 2026 165 COS).