Permanent TSB acquires €915m in Ulster non-tracker mortgages

The various loan acquisitions has increased PTSB's loan book by 40%

Permanent TSB has also acquired 25 former Ulster Bank branch locations in January 2023. Pic; Larry Cummins

Permanent TSB has completed the acquisition of the performing non-tracker residential mortgage portfolio of Ulster Bank in the Republic of Ireland following the transfer of 8,000 mortgage loan accounts to the bank.

The mortgages acquired today currently comprise loans with a value of approximately €915m connected to about 11,000 customers and increases Permanent TSB’s mortgage book by approximately 4%.

The acquisition is part of a broader transaction to acquire certain elements of the Ulster Bank retail, sme and asset finance business in the Republic of Ireland. It builds on the €5.2bn mortgage loans acquired by the bank in November 2022, bringing to a total of €6.1bn mortgage loans transferred to Permanent TSB by Ulster Bank. 

In total, Permanent TSB’s mortgage book has increased by 40% when incorporating the €6.1bn mortgage loans transferred.

Permanent TSB also acquired 25 former Ulster Bank branch locations in January 2023 which have since been re-opened as Permanent TSB branches, along with the acquisition of Ulster Bank’s performing micro-SME loan book valued at €165m in February 2023. 

The bank will complete the acquisition of the entire Lombard Asset Finance business shortly bringing all Ulster acquisitions to a close.