Goldman Sachs Bank Europe SE has filed a Form 38.5(b) disclosure with the Irish Takeover Panel, revealing dealings in EUR 0.01 ordinary shares of Permanent TSB Group Holdings Plc (PTSB) dated 12 November 2026. The disclosure, published on 13 November 2026, confirms Goldman Sachs Bank Europe SE's status as a connected exempt principal trader acting as adviser to the offeree, Permanent TSB Group Holdings Plc. The filing is a mandatory regulatory obligation under Rule 38.5(b) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2013, and signals that a formal takeover process involving Permanent TSB is ongoing.

Key Points

  • Goldman Sachs Bank Europe SE filing relates to Permanent TSB Group Holdings Plc (PTSB), an Irish retail banking group
  • Goldman Sachs Bank Europe SE disclosed borrow-related dealings in PTSB EUR 0.01 ordinary shares dated 12 November 2026
  • Following the dealings, Goldman Sachs Bank Europe SE holds a long position of 42,574 shares and a short position of 21,253 shares in PTSB
  • Investors should watch for further Rule 38.5 disclosures and any formal offer documentation relating to Permanent TSB

Goldman Sachs Bank Europe SE's Role as Adviser to Permanent TSB Offeree

The Form 38.5(b) filing confirms that Goldman Sachs Bank Europe SE is acting as adviser to Permanent TSB Group Holdings Plc in its capacity as offeree in a takeover situation. Under the Irish Takeover Panel Act, 1997, Takeover Rules, 2013, connected exempt principal traders linked to advisers on either side of a transaction are required to disclose their dealings in relevant securities. The disclosure names Papa Lette and Andrzej Szyszka as contacts, reachable via Paris and Warsaw offices respectively, underscoring the cross-border nature of Goldman Sachs Bank Europe SE's operational structure in this engagement.

Details of the Borrow Transactions in PTSB Ordinary Shares on 12 November 2026

The dealings disclosed cover four transactions in PTSB's EUR 0.01 ordinary shares, all classified as borrow-related activity. These comprise two sales described as "Borrow Partial Return" involving 7,672 securities each, and two purchases described as "Borrow New" involving 10,970 and 7,672 securities respectively. No price per unit was disclosed for any of the transactions, with each entry recorded as "N/A" in the filing. No derivatives, options, or agreements to purchase or sell were reported, and no supplemental Form 8 was attached to the disclosure.

Post-Dealing Position: Goldman Sachs Bank Europe SE's Exposure to PTSB Securities

Following the transactions, Goldman Sachs Bank Europe SE's total long position in PTSB EUR 0.01 ordinary shares stands at 42,574 securities, representing 0.00% of the relevant class, whilst its total short position stands at 21,253 securities, also representing 0.00% of the class. No interests or short positions in any other class of PTSB relevant securities were reported. The announcement states that no agreements, arrangements, or understandings relating to voting rights, options, or derivatives exist in connection with these dealings.

Regulatory Context: Irish Takeover Panel Oversight of PTSB Dealings

The mandatory nature of this filing reflects the Irish Takeover Panel's requirement for transparency around dealings by parties connected to transactions subject to its jurisdiction. Permanent TSB Group Holdings Plc is an Irish retail bank, and the existence of a Form 38.5(b) obligation confirms the company is subject to an active takeover process. Investors may be watching for further disclosures from other connected parties, as well as any formal announcements from Permanent TSB or a potential offeror regarding the terms or progress of the transaction.