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Permanent tsb CEO Eamonn Crowley - "This is a decisive step in transforming Permanent TSB to be Ireland’s best personal and small business bank."

Friday 17 December 2021. Permanent TSB has today entered into legally binding agreements with NatWest Group Plc and Ulster Bank Ireland DAC to acquire approximately €7.6bn of the Ulster Bank Retail, SME and Asset Finance business in the Republic of Ireland (the “Transaction”). For full details of the Transaction please see the RNS announcement here.

The Transaction remains subject to obtaining the required regulatory approvals (from the Competition & Consumer Protection Commission (CCPC) and the Central Bank of Ireland) and approval by Permanent TSB shareholders. 

The Transaction involves:

The Transaction includes approximately €7.6bn of assets and consists of the following parts of the Ulster Bank business.  These figures are dated at 30 June 2021.

Residential Mortgages

The performing non-tracker residential mortgage book of Ulster Bank (approximately €7.0 billion)

SME/Business Direct

The performing micro-SME (“Business Direct”) loan book of Ulster Bank (approximately €230 million)

Asset Finance

The entire Lombard Asset Finance loan business of the Ulster Bank (approximately €400 million)


25 branches in Ulster Bank’s branch network (listed below)


It is expected that circa 450 Ulster Bank employees who are wholly or mainly assigned to the Retail, SME or Asset Finance businesses that are being acquired, will be entitled to transfer to Permanent TSB under the Transfer of Undertakings regulations (TUPE)


As part of the consideration for this transaction NatWest will acquire 16.66% of Permanent TSB Group Holdings plc

Transfer Timelines

Subject to receiving all necessary approvals, all parties are working towards completing the acquisition of the performing non-tracker residential mortgage business of Ulster Bank in Q4 2022 and it is currently anticipated that the acquisition of the Business Direct (SME) and Lombard (Asset Finance) businesses will complete shortly thereafter, but in all cases no later than 30 June 2023.

Deal Will Transform Permanent TSB

The assets being acquired in the Transaction will increase the Bank’s mortgage book by c.40% from its end-2020 level and its branch network by c.30%. The Bank’s business lending will triple in size relative to its end-2020 level when incorporating the SME loans and the established Asset Finance business being acquired.  


Ulster Bank personal and business customers, whose loans are intended to transfer as part of this Transaction, do not need to take any action now. These customers will be provided with at least 60 days’ notice prior to the transfer being completed. All legal and regulatory protections will transfer with the loans. While current accounts do not fall within the Transaction, Permanent TSB’s easy-to-use digital account opening process will be available to any Ulster Bank personal customers looking to open a current account with us. This can be done via the Permanent TSB app. Customers can also contact the Permanent TSB team directly on our new customer information line on 0818 837 408 / 01 212 4022 or open an account in one of the Bank’s nationwide branches.

Permanent TSB has created a dedicated customer hub on to support Ulster Bank customers in keeping up to date with the latest Permanent TSB announcements regarding this Transaction. The hub also includes further information on how Ulster Bank customers can move their entire banking relationship to Permanent TSB.

As outlined above it is anticipated that completion of the first step in the Transaction will take place in Q4 2022 and in the interim Ulster Bank customers should continue to engage with Ulster Bank in the usual way.

PTSB Chief Executive Comment

Eamonn Crowley, Permanent TSB Chief Executive, said:

“This is a decisive step in transforming Permanent TSB to be Ireland’s best personal and small business bank. It will give us much greater scale and business model diversification, along with, many more customers and branches to fuel our ambition to grow and build a sustainable organisation for the future. 

Reaching a binding agreement is a significant step forward and supports our strategy of growing organically while embracing this once in a generation opportunity to fast-track the growth of Permanent TSB.

We are looking forward to beginning the integration of Ulster Bank’s businesses into our bank and to welcoming Ulster Bank customers to Permanent TSB – those whose loans are transferring as part of this transaction as well as Ulster Bank’s current and deposit account customers who will need a new banking relationship. We also look forward to welcoming new colleagues to the Bank, bringing with them expertise, commitment and customer focus that will be invaluable.

To all of these customers and to our new colleagues, we offer an Irish bank with a strong community and customer service ethos that has evolved over its 200-year history; one that is investing heavily in branch and digital banking services; one that is building trust with customers; and one that is committed to bringing the best products and services to its customers in a sustainable way.”

Ulster Bank branches included in the Transaction are located in the following areas:























Donegal Town









Rochestown Avenue, Dun Laoghaire

Pavilion Shopping Centre, Swords





33 Eyre Square, Galway





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