Permanent TSB to acquire 25 Ulster Bank branches and non-tracker mortgages

List of the 25 branches Permanent TSB is to takeover
Permanent TSB to acquire 25 Ulster Bank branches and non-tracker mortgages

Ulster Bank announced this year it will undertake a phased withdrawal from Ireland's banking network.

Permanent TSB has entered an agreement to acquire 25 Ulster Bank branches along with €7.6bn of non-tracker mortgages, business loans along with Ulster's Lombard Asset Finance business, including the Lombard digital platform.

Under the agreement, Ulster owner Natwest will take a minority stake in Permanent.

As part of the consideration for the proposed transaction, it is proposed that NatWest Group would receive a minority non-consolidating equity stake of 20% in Permanent TSB.

Ulster Bank announced this year it will undertake a phased withdrawal from Ireland's banking network. In a statement this morning they said it is proposed that approximately 400 to 500 staff could transfer to Permanent TSB.

Ulster already announced a memorandum of understanding with AIB bank to take a €4.2bn portfolio of performing commercial loans.

“Today’s agreement with PTSB, will provide a good solution for these customers and colleagues, building on our recently announced agreement with AIB," Ulster Bank CEO JAne Howard said.

"We remain in talks to find a similar constructive solution for our performing tracker mortgage portfolio. We expect, in the coming months to have further updates to make to customers and colleagues on progress including on other products and services which are not covered by today’s announcement."

List of 25 Ulster Bank branches included in the agreement:

County

Branch

Cavan

Ballyconnell

Cavan

Ballyjamesduff

Clare

Shannon

Cork

Wilton

Donegal

Ballybofey

Donegal

Buncrana

Donegal

Donegal (town)

Donegal

Killybegs

Dublin

Blackrock

Dublin

Blanchardstown

Dublin

Lucan

Dublin

Ranelagh

Dublin

Rochestown Ave

Dublin

Swords Pavilions

Galway

Athenry

Galway

Eyre Square

Galway

Tuam

Kildare

Celbridge

Kildare

Kilcock

Louth

Ardee

Mayo

Belmullet

Mayo

Westport

Meath

Trim

Tipperary

Thurles

Wexford

Enniscorthy

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