Permanent TSB completes acquisition of Ulster Bank’s retail banking business

Permanent TSB (PTSB) has now completed the acquisition of Ulster Bank’s powerful non-tracker residential mortgage business.

The portfolio includes loans worth 6.2 billion euros. Of this total, €5.2 billion will be migrated today, while the remaining €1 billion is expected to be migrated in the second quarter of next year, but no later than the last quarter of 2023.

After the migration, PTSB will now add 56,000 new customers connected to around 36,000 accounts.

According to a statement from the bank, this acquisition now increases PTSB’s mortgage book by about 40 percent.

PTSB said it would begin communicating with customers linked to those accounts in the coming weeks, with a dedicated online hub now being set up to support the remittances.

The costs of this activity amounted to around €4.8 billion.

A number of Ulster Bank staff will now switch banks, with 113 of those allocated to the portfolio now moving to PTSB or its service partner Pepper Finance.

PTSB is also acquiring 25 existing Ulster Bank branches, increasing its footprint by 30 per cent. These locations will close in January before reopening as PTSB branches later this month or in February next year.

The transaction related to the acquisition of these branches as well as the SME and asset finance businesses is expected to close in the first quarter of next year.

A further 230 Ulster Bank staff assigned to these branches or to the SME and Asset Finance divisions are now also eligible to transfer to Ulster Bank.

So far this year, the PTSB has opened more than 100,000 new giro accounts. This represents an increase of 250 percent over the same period last year.

PTSB also reported that the bank opened over 35,000 new deposit accounts year to date, an 80 percent increase from 2021.

“Today is a significant shift for the bank as we grow our mortgage book by about 40%,” said PTSB chief executive Eamonn Crowley.

“Together with our forthcoming acquisitions of Ulster Bank’s SME and asset finance business and 25 of its branches, we are generating greater reach and becoming a much more competitive force in Ireland’s retail banking, with many more retail and SME customers, a branch footprint more communities across the country and a significantly larger platform for future growth.” Permanent TSB completes acquisition of Ulster Bank’s retail banking business

Fry Electronics Team

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