Permanent TSB winning current account war

AFTER a 9% rise in 2005 operating profits, IL&P is poised for another strong year. Banking arm, Permanent TSB, is winning the account war with 67,000 new customers last year.

Free banking backed up a high-profile advertising campaign. It has poached customers from AIB, Ulster Bank, Bank of Ireland and National Irish Bank.

David Went, chief executive of the bank’s parent company Irish Life & Permanent, said despite increasing competition this year, the number of new customers ‘wins’ has continued. Permanent TSB is signing up around 1,400 new customers a week, ahead of its target of 1,200.

Mr Went said it has also had success in cross-selling its products to new customers.

Looking ahead to this year, Mr Went said the release of SSIA funds would present a huge opportunity.

Though there would be competition “from people selling flat screen tellys and cars” for the SSIA cash, he said Permanent TSB and Irish Life would look for a “share of the pie”.

The company’s shares gained just under 2.5% on the ISEQ yesterday.