Axis Capital Seeks to Build on Permanent TSB as Irish Banking Platform

06:17 AM EDT, 10/12/2026 (MT Newswires) -- Axis Capital plans to build on Permanent TSB Group (PTSB.L, PTSB.IR) as an Irish platform rather than simply absorbing it through its cash takeover offer of 3.20 euros per share, the suitor said Monday. The Irish financial services company would retain its headquarters in Ireland, with a local board and decision-making supported by local minority shareholders, Axis Capital said as it sought to persuade Permanent TSB shareholders to back the offer. Axis Capital intends to build on Permanent TSB as a "durable challenger" to AIB Group (A5G.IR, AIBG.L) and Bank of Ireland Group (BIRG.IR, BIRG.L). The bidder also plans to offer Permanent TSB shareholders the option to partially roll over their shares into the new structure, allowing them to remain invested in the combined entity.