Permanent TSB, which holds a market capitalization of 1.62 billion euros, stated it has had no contact with Scotchstone and received no formal proposal. This development follows a recent expression of interest from Axis Capital, which suggested a cash offer of 3.20 euros per share earlier this month. Permanent TSB management dismissed the Axis overture as speculative, maintaining their focus on the 2.97 euros-per-share deal currently in progress with Bawag.

The board continues to work toward finalizing the Bawag transaction, which is slated for completion between late 2026 and early 2027. Despite the swirling takeover rumors, the bank emphasized its objective of delivering value and certainty to its shareholders. Following the news, Permanent TSB shares rose 1% to 3 euros in late European trading, bringing the stock’s year-to-date gains to 4.9%.