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More value to be realised in PTSB before sale worth consideration -CEO

Reuters - UK Focus

DUBLIN, July 27 (Reuters) - Ireland (Other OTC: IRLD - news) 's permanent tsb (PTSB) must realise more value before the government should even consider a potential sale of its majority stake, the bank's CEO said on Wednesday.

Irish finance minister Michael Noonan said last month that, while he supported PTSB's strategy, he could not discount the possibility that an opportunistic transaction in the best interests of the state could arise at any time.

"If Mr. Noonan asked me today, I'd say don't do a deal. There are organic opportunities in this organisation to grow intrinsic value," Jeremy Masding told a new conference.

"If I do that and someone comes in for us, then so be it. But I would only recommend a deal if I felt that we were maximising the intrinsic value of the business and we are certainly not doing that."

(Reporting by Padraic Halpin; Editing by David Goodman)