The branches of THE Ulster Bank to be taken over by TSB in perpetuity have been revealed, as its loan book was sold prior to its withdrawal from the Irish market.
UK banking giant NatWest Group, owner of Ulster Bank, has signed a binding agreement for PTSB to purchase approximately €6.8 billion in mortgages and business loans from the Bank. Ulster goods.
As part of the deal, NatWest Group will take a 16.7% stake in the loan company controlled by the State of Ireland.
The deal will be financed by 6.4 billion euros in cash, plus NatWest receiving 90.9 million new PTSB shares.
That would give it a 16.7% stake, worth about 136 million euros, based on PTSB’s closing share price on Thursday.
PTSB’s loan book will grow by 40%, after more than a decade of shrinking in the wake of the financial crisis, and will see its branch network expand by 30% as a result of the acquisition transaction. 25 out of 88 of Ulster Bank. branches in the Republic.
Ulster Bank employees at these branch locations will have the right to transfer if and when the deal is completed.
It is expected that 450 qualified bankers will move to TSB permanently. The remaining branches are likely to close.
25 LUXURY BRANCHS
- Ballyconnell and Ballyjamesduff in Co Cavan
- Shannon in Clare
- Wilton, Cork
- Ballybofey, Buncrana, Donegal Town and Killybegs in Co Donegal
- Blackrock, Blanchardstown, Lucan, Ranelagh, Rochestown Ave, Swords Pavilions, in Dublin
- Athenry, Eyre and Tuam Square in Galway
- Celbridge and Kilcock in Kildare
- Ardee, Co Louth
- Belmullet and Westport in Co Mayo
- Trim, Co Meath
- Thurles in Tipperary
- Enniscorthy, Co Wexford
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More than 280 Ulster Bank employees will move to AIB as part of that bank’s deal to buy 4.2 billion euros in corporate loans.
Ulster Bank is also said to be in talks to sell its 6.5 billion euros worth of tracking device mortgage portfolios to AIB.
The transfer of branches to PTSB will take place in phases by the end of next year and through 2023.
Ulster Bank said it does not envision a surplus or farm closures in the first half of next year.
Sinn Fein’s Pearse Doherty welcomed the signed agreement and said: “Ulster Bank’s announcement to withdraw from the market is a huge blow to employees, customers and the banking sector.
“Today’s announcement that a binding agreement has been entered into between Permanent TSB and NatWest for the acquisition of €7.6 billion assets from Ulster Bank is a welcome development.
“This agreement will provide TSB with perpetuity with additional scale, supporting competition in what would otherwise be a monopoly in the market between AIB and Bank of Ireland.
“Such a scenario would put upward pressure on interest rates and reduce the availability of credit to consumers.”
https://www.thesun.ie/money/8085322/ulster-bank-taken-over-permanent-tsb-revealed-ireland/ 25 Ulster Bank branches being taken over by TSB permanently revealed