In 2011, the Irish taxpayer came to the rescue of Permanent TSB with a bailout of €4 billion as the bank floundered in the wake of the financial crisis. Now, 15 years on, the State’s involvement in the banking sector is due to come to an end. What is lesser known is that its buyer had already been quietly doing business in Ireland for most of this time. On Tuesday, the board of PTSB recommended its shareholders accept a €1.6 billion cash acquisition offer from Austrian bank Bawag. If the deal is accepted, it will mark the full exit of…

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