Permanent TSB (PTSB) is set to re-enter the Iseq 20 index of the largest publicly-quoted companies on the Irish market later this month for the first time since 2010.
It follows on from the exit of former Iseq 20 member, Hibernia Reit, from the index when it was taken over by Canada’s Brookfield Asset Management in June in a €1.1 billion deal.
Euronext Dublin, the operator of the Irish exchange, said that PTSB’s inclusion in the Iseq 20 will be effective from Monday, September 19th. Inclusion in the index mean that so-called passive investors that track the Iseq 20 the index will have to add the stock to their portfolios.
PTSB’s relegation from the index in November 2010 followed a slump in share price of the company, then known as Irish Life & Permanent, in the wake of the property crash. The government of the day took a controlling stake in the business the following year as part of a €4 billion bailout, before selling on its life assurance arm to claw back €1.3 billion of the bill.
Shares in PTSB, led by chief executive Eamonn Crowley, have risen by 11.6 per cent over the past 12 months, resulting in its market value increasing to almost €737 million, aided by the company’s plan to take over much of Ulster Bank’s loan book as latter retreats from the Irish market.
