Irish pillar lender PTSB has confirmed that Texan private equity giant Lone Star and a consortium led by New York-based Centerbridge, alongside San Francisco investment firm Sixth Street, are among the participants in the formal process to acquire the bank.

The Irish Times reported that PTSB, more than 57% of which is owned by the Irish Government, cautioned that the announcement does not represent a firm intention by either party to make a formalised offer, and that no certainty exists that any sale or transaction will be concluded.

Austrian banking group Bawag was separately confirmed earlier this month as being in the conversation to acquire the lender, having previously bought Irish mortgages start-up Moco in 2023 and acquired what remained of Dublin-based Depfa Bank from a German state bad bank in 2021.

Bawag has reportedly offered €1.6bn to acquire PTSB's shares, a figure that Denis McGoldrick, head of financial research at Goodbody Stockbrokers, described in a broker note as representing a "disappointing" 20% discount to the bank's book value.

McGoldrick said Bawag is seen by some stakeholders as the preferable buyer due to its established banking model and low-cost base, but added that at a reported €1.6 billion, the bid looks opportunistic rather than compelling, and we would view any transaction at a material discount to book value as value dilutive unless accompanied by clear, credible upside on capital return or strategic certainty.

Lone Star's record in the sector includes Portuguese lender Novobanco, which it sold in 2025 for €6.4bn having acquired it from the Portuguese government in 2017 for €1bn.

Centerbridge's prior banking acquisitions include German lender Aareal, bought in 2023.

Read the full report on the PTSB sale process.