Almost 100 investors in running for PTSB share
Permanent TSB's management has met 95 potential investors as it seeks to begin a return to private ownership.
The 99pc State-owned bank is looking to raise €525m, €400m of which would be returned to the Irish taxpayer. Chairman Alan Cook told shareholders at the bank's AGM that management would be making "key decisions" on the structure of the capital-raising in the coming weeks.
Chief executive Jeremy Masding said the bank will be meeting more potential investors this week.
"I think we're now narrowing down the journey to a decision, so I'd expect us to be able to give you much more information in the next few weeks."
He said he was confident that within current market conditions the fundraising exercise would not lead to the Government losing its position as majority shareholder.
"We were set as a goal that the Minister for Finance still wanted to retain majority ownership, and we were tasked with trying to find a deal that did that, so as of this morning I am confident that we can deliver that objective.
"These guys on the other side of the table are razor-sharp, this is real capital markets stuff - these are guys who control an enormous amount of dollars.
"We have been put through the ringer, we have a baseline business plan. We're very clear that there are risks and opportunities to that plan, and from what I can see investors buy into the fact...that this organisation can deliver a net return for them."
Mr Masding said investors were asking about the prospect of a cut in the bank's 4.5pc variable mortgage rate. He said the bank hadn't made a decision on whether to complete the capital raising as an initial public offering (IPO), but he said that if the bank did proceed in that manner he hoped there would be a full listing on the Dublin and London stock exchanges. Another option is that the bank would raise money through a private placement.
The AGM was punctuated by hostile questioning from shareholders.