Permanent tsb bank has entered into an agreement to acquire the deposit business of Northern Rock Ireland, which currently has more than €650m of deposits from some 17,000 customers.
This is the second major acquisition of deposits by permanent tsb bank in the past six months.
In February, the bank successfully acquired €3.6bn in deposits from Irish Nationwide Building Society which have now been integrated into permanent tsb bank.
"Coming so soon after the acquisition of the Irish Nationwide Building Society deposit business, this is a very significant transaction for permanent tsb bank and is an important strategic step for the bank as deposits are critical for all Irish banks going forward," said David Guinane, chief executive of permanent tsb bank today.
"Having successfully acquired almost €4.25bn in new deposits as a direct result of these two transactions, we’re clearly on the right path and I look forward to welcoming the 17,000 new customers to our network."
All terms and conditions will remain the same for Northern Rock customers during the transition and all transferred deposits will come under the Irish Guarantee schemes when they are transferred.
Permanent tsb said that there will be no impact on customer accounts and all normal customer channels will remain available.