Bawag to Acquire Permanent TSB

Bawag's winning bid for the Irish lender follows a competitive process that saw several European banks express interest.

The Austrian bank is known for its focus on digital banking and rigorous cost-cutting, leading to speculation about potential changes for Permanent TSB's customers and staff.

Shares in the Irish bank slid following the announcement as investors weighed the implications of the takeover.

The deal is subject to regulatory approval and is expected to close later this year.