Permanent TSB completes acquisition of €6.7bn Ulster Bank assets

Last year, Ulster Bank announced pans to exit the retail banking market in the Republic.

n addition to completing the transfer of Lombard to Permanent TSB, this deal also included Ulster Bank’s performing non-tracker residential mortgage book, valued at €6bn, 25 Ulster Bank branch locations across the country, the performing micro-SME loan book, valued at €165m and the transfer of over 330 Ulster Bank employees in total. Pic: Larry Cummins

Permanent TSB has completed the acquisition of €6.7bn of Ulster Bank assets with the final inclusion of the Lombard asset finance business.

The purchase of Ulster Bank’s Lombard asset finance business has transferred approximately 23,000 asset finance agreements, valued at €500m, connected to 18,000 customers to Permanent TSB.

Ulster Bank has been selling its assets since it announced it plans to exit the retail banking market in the Republic last year.

Staff have also transferred to the three remaining banks in the Republic.

As part of the latest transaction, 66 Ulster Bank employees who were mainly assigned to Lombard will now be employed with Permanent TSB.

In addition to completing the transfer of Lombard to Permanent TSB, this deal also included Ulster Bank’s performing non-tracker residential mortgage book, valued at €6bn, 25 Ulster Bank branch locations across the country, the performing micro-SME loan book, valued at €165m and the transfer of over 330 Ulster Bank employees in total.

Permanent TSB’s business lending capabilities have increased by 200% after incorporating Ulster Bank’s performing micro-SME loan book which was acquired earlier this year.

Permanent TSB said it will write to the customers connected to the 23,000 acquired asset finance agreements in the coming weeks to provide them with comprehensive information about the transfer.