Citigroup Global Markets Limited has filed a dealing disclosure under Rule 38.5(a) of the Irish Takeover Panel Act, 1997, relating to ordinary shares in Permanent TSB Group Holdings plc (-PTSB), the Irish retail bank. The disclosure, dated 13 November 2026 and covering transactions undertaken on 12 November 2026, identifies Citigroup as a connected exempt principal trader acting in a client-serving capacity. The dealings are connected to BAWAG Group AG, the Austrian banking group that has made a takeover offer for Permanent TSB. Investors tracking the progress of the BAWAG-PTSB transaction may note this as a routine but regulatory-significant transparency filing.

Key Points

  • Citigroup Global Markets Limited filed a Form 38.5(a) disclosure relating to Permanent TSB Group Holdings plc (-PTSB)
  • Citigroup dealt in Permanent TSB €0.01 ordinary shares on 12 November 2026, acting as a connected exempt principal trader with recognised intermediary status
  • Both a sale and a purchase of 70 shares were executed, with prices ranging from EUR 2.9500 to EUR 2.9600 per unit
  • Investors should watch for further Rule 38.5 disclosures as the BAWAG Group AG offer for Permanent TSB continues

Citigroup's Matched Purchase and Sale of 70 Permanent TSB Ordinary Shares at EUR 2.95–2.96

According to the announcement, Citigroup Global Markets Limited undertook two transactions in Permanent TSB's €0.01 ordinary shares on 12 November 2026. The firm sold 70 shares and separately purchased 70 shares, with both transactions priced within a narrow range of EUR 2.9500 to EUR 2.9600 per unit. These dealings were conducted in a client-serving capacity, consistent with Citigroup's status as a connected exempt principal trader holding recognised intermediary status under the Irish Takeover Panel's framework. The filing confirms no indemnity arrangements or derivative agreements relating to voting rights were in place at the time of dealing.

BAWAG Group AG Connection and Irish Takeover Panel Obligations for Permanent TSB Dealings

The disclosure identifies BAWAG Group AG as the party to the offer with which Citigroup Global Markets Limited is connected, making these share dealings subject to mandatory transparency requirements under the Irish Takeover Panel Act, 1997, Takeover Rules, 2022. Permanent TSB Group Holdings is an Irish retail bank operating across the Republic of Ireland, offering personal banking, mortgages, and savings products. The Irish Takeover Panel's rules require connected exempt principal traders to publicly disclose dealings in relevant securities throughout the offer period, ensuring market participants have visibility of significant trading activity linked to any party involved in a live takeover process.

No Derivative Positions or Collateral Arrangements Declared in the 13 November Filing

The Form 38.5(a) filing confirms that sections covering cash-settled derivatives, stock-settled derivatives, and other dealings such as subscriptions or conversions contain no reportable transactions. Citigroup also declared that no indemnity arrangements, option agreements, or understandings relating to voting rights on Permanent TSB securities existed between itself and any party to the BAWAG offer. The company did not disclose the aggregate value of its overall position in Permanent TSB shares in this announcement. The absence of derivative activity in this filing limits the immediate informational scope, though further disclosures may follow as the offer period progresses.