Austria’s Bawag Group has said it received regulatory approval from the European Central Bank for its takeover of Permanent TSB.
The ECB approval means that the potential acquisition has passed a key regulatory hurdle.
In a statement, Bawag said it “represents an important milestone toward completion of the transaction”.
The €1.6 billion deal had been approved by shareholders in July but remains subject by the High Court.
The hearing would see the State sell its 57% stake in PTSB.
However, four shareholders, who are opposing the takeover, called it “derisory”.
The representatives of the Department of Finance argued that there was no evidence that the State was selling PTSB at a “knock down price”.
