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Permanent TSB signs agreement to buy €7 billion of Ulster Bank mortgages and 25 branches

The bank will also acquire Business Direct and Lombard Asset Finance loan business under the deal.

PERMANENT TSB HAS signed an agreement to acquire €7.6 billion of assets from Ulster Bank.

The assets include €7 billion of Ulster Bank’s performing non-tracker mortgage book, its performing Micro-SME/Business Direct, the Lombard Asset Finance loan business of Ulster Bank and 25 branch locations in Ulster Bank’s network. 

In February, Ulster Bank announced it would be implementing a “phased withdrawal” from markets within the Republic of Ireland. 

The move came after a strategic review from its parent company Natwest.

Ulster Bank has over one million customers, along with 2,800 staff and 88 branches across the country. 

The PTSB deal still remains subject to obtaining the required regulatory approvals from the Competition & Consumer Protection Commission (CCPC) and the Central Bank of Ireland and approval by Permanent TSB shareholders. 

PTSB said subject to receiving all necessary approvals, it is working towards completing the acquisition of residential mortgages in the last quarter of 2022. Acquisition of Business Direct and Lombard businesses is anticipated to be completed shortly after that.

Impacted customers do not need to take any action, PTSB said today. They will be provided with at least 60 days’ notice prior to the transfer and all legal and regulatory protections will transfer with the loans. 

The assets being acquired will increase PTSB’s mortgage book by around 40% from its end-2020 level and its branch network by 30%. The bank said its business lending will triple in size relative to its end-2020 level when incorporating the SME loans and the established Asset Finance business being acquired.  

“This is a decisive step in transforming Permanent TSB to be Ireland’s best personal and small business bank,” PTSB chief executive Eamonn Crowley said.

“It will give us much greater scale and business model diversification, along with, many more customers and branches to fuel our ambition to grow and build a sustainable organisation for the future.

Reaching a binding agreement is a significant step forward and supports our strategy of growing organically while embracing this once in a generation opportunity to fast-track the growth of Permanent TSB.

 

Finance Minister Paschal Donohoe welcomed the decision, describing it as a very positive development for PTSB that “represents a significant opportunity for the bank, its stakeholders and its customers to consolidate its position in the Irish banking market and position itself for future growth”.

“With the withdrawal of Ulster Bank and KBC from the Irish market, a PTSB with greater scale has a more important role than ever in providing meaningful competition for consumers in terms of both product choice and pricing,” he said.

“For these Ulster Bank borrowers, it provides them with certainty as to the destination of their loans, while depositors will have a choice to move their business to PTSB next year. The transaction also provides a large number of Ulster Bank staff with comfort in terms of job security.”

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    Mute Rear Admiral
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    Aug 22nd 2018, 5:29 PM

    I’ll be sending back that “Huberman’s Haemerrhoid Cream” so

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    Mute Bazzle Bush
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    Aug 22nd 2018, 5:36 PM

    @Rear Admiral: No! That ones legit!

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    Mute iohanx
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    Aug 22nd 2018, 5:37 PM

    @Rear Admiral: does it work?

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    Mute Shelly Levine
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    Aug 22nd 2018, 5:49 PM

    @iohanx: I’m squeaky clean. Thanks Amy!

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    Mute Declan Tooher
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    Aug 22nd 2018, 6:37 PM

    Unfortunately, this is not the first scam she has been involved in. All those awful tv shows that demand you to pay a licence fee spring to mind.

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    Mute MarkS
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    Aug 22nd 2018, 6:31 PM

    Nice to see she is branching out from the weekly Irish independent mouthpiece articles that nobody cares about.

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    Mute chinaski
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    Aug 23rd 2018, 1:41 AM

    @MarkS: You beat me to it. What is it with the indos obsession with her and him?

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    Mute David Quigley
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    Aug 23rd 2018, 6:35 AM

    @chinaski: The indo is a celebrity rag masquerading as a broadsheet

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    Mute Seriously stunned
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    Aug 23rd 2018, 9:00 AM

    @David Quigley: yea we love the journal.ie woo hoooo

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    Mute MarkS
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    Aug 23rd 2018, 9:30 AM

    @chinaski: she’s on some kind of weekly nonsense rotation with Vogue William’s, Amanda Brunker & Roz Purcell. Twink lost her place in the rotation last year unfortunately.

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    Mute Brian McDonnell
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    Aug 22nd 2018, 5:36 PM

    Beauty cream warns users to beware of the sham that is…….

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    Mute Tyler Williams
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    Aug 22nd 2018, 6:12 PM

    I’m not from these parts so I have absolutely no idea who she is. What is IFTA?

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    Mute TellingItAsItIs
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    Aug 22nd 2018, 6:32 PM

    @Tyler Williams: She’s a very popular average actress and also wife to a famous ex rugby player called Brian O’Driscoll. She’s also pretty and could sell ice cream to the Eskimos.

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    Mute David Grey
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    Aug 22nd 2018, 11:47 PM

    Tyler . Google

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    Mute Margate
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    Aug 23rd 2018, 12:34 AM

    @TellingItAsItIs: Very popular? Eh? Not with that many…she wings her way simply based on looks, fame, hubby etc, otherwise limited..

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    Mute Rhona Byrne
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    Aug 23rd 2018, 8:20 AM

    @Tyler Williams: Irish Film and Television Awards

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    Mute TellingItAsItIs
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    Aug 24th 2018, 5:52 PM

    @Margate: she’s also popular because she’s a very nice lady

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    Mute Tony Maguire
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    Aug 22nd 2018, 7:06 PM

    Ya can’t beat a bit of free advertising!!!

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    Mute James O'Brien
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    Aug 22nd 2018, 11:53 PM

    This is product of RTE. Labeling people as influencers. Vogue Williams will be next or Brunker

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    Mute Jaci Black
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    Aug 22nd 2018, 10:02 PM

    Stay away from the sun and eat healthily. Water is not your enemy.

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    Mute Maggie O'Sullivan
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    Aug 22nd 2018, 10:04 PM

    Total waste of money. Margarine does the same job as any of these expensive creams.

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    Mute Colette Kearns
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    Aug 22nd 2018, 9:48 PM

    Don’t waste your money on any of them, soap & water then some E45 cream ( 400 ml ) for under €10

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    Mute Rob Cahill
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    Aug 23rd 2018, 9:31 AM

    She has fans?

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    Mute Derek Walsh Ⓥ
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    Aug 22nd 2018, 8:41 PM

    What sort of idiot would be fooled by “anti-aging cream?”

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    Mute Ann Basquille Smith
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    Aug 22nd 2018, 11:49 PM

    Who are accepting these adverts

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