Permanent TSB agrees terms with Ulster Bank on loans and branches

Ulster owner NatWest will hold a 16.66% stake in PTSB

The deal is expected to complete in late 2022 or early 2023

Permanent TSB will increase its mortgage book by 40% and its branch network by 30% after agreeing to buy €7.6bn of Ulster Bank's loans.

As part of Ulster's departure from the Irish banking sector, its parent company Natwest is to acquire a 16.66% stake in Permanent TSB.