Ulster Bank advances exit with plan to transfer €7.6bn in loans to PTSB

NatWest, which is 55%-owned by the British government, will take a stake of up to 20% in PTSB

Permanent TSB is to secure 25 Ulster Bank branches and €7.6bn of its loan boak under the deal which advances the plans first outlined in February. Picture: Sam Boal/RollingNews

Permanent TSB is to get €7.6bn of performing mortgage and other micro business loans, as well as 25 branches, under a deal that marks a further step in the plans of NatWest-owned Ulster Bank to quit the Republic.

The agreement advances the separate plan first outlined in late February when NatWest struck a deal to transfer €4.2bn of Ulster Bank's commercial loans, but none of its 88 branches, to AIB.