NatWest Group, formerly called RBS, and Ireland’s finance ministry said on Thursday they would together sell 6% of Irish bank Permanent TSB.

The two shareholders will each sell 3% in Permanent TSB to dispose of a combined 33 million shares to institutional investors via an accelerated book building process, they said in statements.

“NatWest Group plc announces its intention to sell part of its shareholding, held through the wholly owned subsidiary RBS AA Holdings (UK) Limited, in Permanent TSB Group Holdings PLC (PTSB), concurrently with The Minister for Finance of Ireland, Michael McGrath TD …” said NatWest in a stock exchange statement.

“The placing is expected to comprise approximately 33 million of PTSB’s ordinary shares, representing approximately 6.0% of the issued ordinary capital of PTSB, with the Minister and NatWest both expected to dispose of 3.0% of issued ordinary capital each.

“As a result of the placing, the overall size of the minister’s shareholding in PTSB will be reduced from 62.4% to 59.4% and NatWest’s shareholding in PTSB will be reduced from 16.7% to 13.6%.

“The selling shareholders have also undertaken not to sell further shares in PTSB for a period of 90 calendar days following the completion of the placing (subject to waiver by one of the co-bookrunners and certain customary exceptions).

“Details of the placing price and the exact number of placing shares will be announced in due course.”