NatWest Group plc announced on Monday its intention to sell its full shareholding, held through subsidiary RBS AA Holdings (UK) Limited, in Irish bank Permanent TSB Group Holdings plc.

While the sale price has yet to be agreed, NatWest’s stake in Permanent TSB Group is currently valued at roughly €133 million, according to reports.

“The disposal of these shares will be by way of a placing to institutional investors,” said NatWest.

“The price at which the Placing Shares are sold will be determined by way of an accelerated book building process. The book will open with immediate effect following this announcement.

“The Placing is expected to comprise 63,614,171 of PTSB’s ordinary shares, representing approximately 11.7% of the issued ordinary capital of PTSB.

“Following completion of the Placing, NatWest is expected to exit its interest in PTSB in full.

“In accordance with the terms of the Shareholder Co-operation Agreement entered into between PTSB, NatWest and the Minister for Finance of Ireland, the Minister has undertaken not to sell shares in PTSB for a period of 90 calendar days following the completion of the Placing. For the avoidance of doubt, the Minister will not sell any shares as part of the Placing.

“Details of the Placing Price and the exact number of Placing Shares will be announced in due course.”

Goldman Sachs International and J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove, are acting as Joint Bookrunners for the placing.