Austrian bank Bawag, hotly tipped as a bidder for PTSB, would most likely fund a potential offer through cash and shares, according to investment bank UBS. UBS analysts use a €1.83 billion potential bid price in a report analysing a possible deal – implying an offer of about €3.35 per share. The report highlights that Bawag could generate about €288 million of capital through an accounting manoeuvre on closing a deal. That is because the notional bid price would be at a discount to PTSB’s tangible equity value – leaving scope for a so-called negative goodwill, or badwill, gain. In the event Bawag wins the process for PTSB, UBS sees the potential for the Austrian group to suspend share buybacks to help finance the deal.

Source: The Irish Times January 20, 2026 17:35 UTC