Citigroup Global Markets Limited has filed a dealing disclosure under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, relating to Permanent TSB Group Holdings plc, the Irish retail bank. The disclosure, dated 10 November 2026 and covering dealings undertaken on 9 November 2026, confirms that Citigroup Global Markets acted as a connected exempt principal trader with Recognised Intermediary Status, operating in a client-serving capacity. The filing arises in the context of an ongoing offer by BAWAG Group AG, the Austrian banking group, for Permanent TSB Group Holdings. Investors monitoring the takeover process may note the regulatory transparency obligations that such disclosures are designed to fulfil.

Key Points

  • Permanent TSB Group Holdings plc (CDI: -PTSB); disclosure filed by Citigroup Global Markets Limited
  • Citigroup Global Markets disclosed matched purchases and sales of 84 ordinary shares at EUR 2.9400 per unit on 9 November 2026
  • The exempt principal trader is connected to BAWAG Group AG, the named offeror in this Irish Takeover Panel process
  • Investors should watch for further Rule 38.5 filings as the BAWAG Group AG offer for Permanent TSB Group Holdings progresses

Matched Share Transactions of 84 Permanent TSB Ordinary Shares at EUR 2.94

The Form 38.5(a) filing confirms that Citigroup Global Markets Limited undertook two transactions on 9 November 2026 involving Permanent TSB Group Holdings' €0.01 ordinary shares. Both a purchase and a sale of 84 shares were executed, each at a price of EUR 2.9400 per unit, with no variance between the highest and lowest prices recorded. The announcement states that no cash-settled derivative transactions, stock-settled derivative transactions, or other dealings such as subscriptions or conversions were disclosed within this particular filing. The matched nature of these transactions is consistent with client-serving activity by an exempt principal trader operating under Recognised Intermediary Status.

Citigroup's Connection to BAWAG Group AG and Regulatory Obligations Under Irish Takeover Rules

Under the Irish Takeover Panel Act, 1997, Takeover Rules, 2022, entities connected to a party to an offer must disclose their dealings in the securities of the offeree. Citigroup Global Markets Limited is identified in the disclosure as being connected to BAWAG Group AG, the Austrian banking group that has made an offer for Permanent TSB Group Holdings, one of Ireland's principal retail banks. This regulatory framework is intended to ensure market transparency during offer periods, requiring timely public disclosure of transactions that could otherwise obscure price-sensitive activity during sensitive corporate events.

No Indemnity Arrangements or Derivative Agreements Reported in the 10 November Filing

The disclosure confirms that Citigroup Global Markets Limited has reported no indemnity arrangements, option arrangements, or any formal or informal agreements that might constitute an inducement to deal or refrain from dealing in connection with the BAWAG Group AG offer. Similarly, the filing states that no agreements relating to voting rights or future acquisition or disposal of securities referenced by any derivative were in place. The company did not disclose any aggregate position held in Permanent TSB Group Holdings beyond the specific transactions reported within this Form 38.5(a) submission.