NatWest Group PLC (LSE:NWG) has fully divested its 11.7% ownership in the Irish bank Permanent TSB Group, generating proceeds of €126 million through a private placement with institutional investors.

The British lender sold its shares at €1.98 each, as confirmed in a company announcement on Tuesday. NatWest noted that the transaction would have a minimal effect on its Common Equity Tier 1 (CET1) capital ratio and tangible net asset value per share.

Under the terms of the deal, Ireland’s Minister for Finance has agreed to a shareholder cooperation arrangement, committing not to sell any Permanent TSB shares for a period of 90 calendar days following the placement.

Permanent TSB primarily serves the Irish market, focusing on retail banking and lending to small businesses.

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