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

List of the 25 branches Permanent TSB is to takeover

Fri, 23 Jul, 2021 - 07:29

Alan Healy

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