Permanent TSB invests €25 million in Ulster Bank branches

Permanent TSB has announced plans to invest €25 million in 25 Ulster Bank branches across Ireland.

TSB will take over Ulster Bank’s branches when the bank withdraws from the Irish market, with the new branches increasing PTSB’s footprint by around 30 per cent.

The number of PTSB branches in Ireland will increase to 98.

The bank plans to open the new branches in January and February next year following a €25 million rebranding and refurbishment programme.

The branch expansion is part of PTSB’s broader acquisition of Ulster Bank’s mortgage, SME lending and asset finance businesses.

The bank said all new branches will maintain cash services, with existing Ulster Bank teams in the affected branches now eligible to switch to PTSB.

“This is a big moment for Permanent TSB as we open our business in 25 new communities across Ireland,” said Patrick Farrell, director of retail banking.

“For Ulster Bank customers in these branches, we offer an easy switch to a new bank, with the same staff and in the same building where they previously banked.”

Last week PTSB announced it had completed the acquisition of Ulster Bank’s powerful non-tracker residential mortgage business.

The portfolio includes loans worth EUR 6.2 billion. Of this total amount, EUR 5.2 billion has now been migrated, while the remaining EUR 1 billion is expected to be transferred in the second quarter of next year, but no later than the last quarter of 2023.

According to a statement from the bank, this acquisition will increase PTSB’s mortgage book by around 40 percent. Permanent TSB invests €25 million in Ulster Bank branches

Fry Electronics Team

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