Permanent TSB shareholders have today voted to approve the Bank’s proposed acquisition of €7.5bn[1] in Mortgage, SME and Asset Finance assets, in addition to 25 branches, from Ulster Bank. As part of the acquisition, c.450 Ulster Bank employees will be entitled to transfer to Permanent TSB under the Transfer of Undertakings regulations (TUPE).
Over 99% of shareholders voted in favour of resolutions to approve the transaction at an Extraordinary General Meeting (EGM) in Dublin.
The vote is one of a number of steps needed to complete the transaction and begin the transfer of Ulster Bank Mortgage, SME and Asset Finance customers to Permanent TSB.
The first transfers are scheduled to begin in Quarter 4 this year, complementing the thousands of Ulster Bank current account and deposit account customers who have already chosen to switch to Permanent TSB.
The transaction remains subject to competition and regulatory approval.
Ulster Bank’s Mortgage, SME and Asset Finance customers whose loans will transfer to Permanent TSB do not need to do anything at this stage and should continue to engage with Ulster Bank as before. They will be contacted in advance of their loans transferring with further information in the coming months.
Permanent TSB has also introduced a number of new supports for customers who wish to move their Current and Deposit accounts to Permanent TSB. Staff from Permanent TSB are now present in 45 Ulster Bank branches with more to come in the coming weeks. The role of the PTSB staff is to facilitate Ulster Bank customers who want to switch their banking services to a new bank ahead of the planned departure of Ulster Bank from the Irish market.
Permanent TSB is also launching a number of mobile and pop-up branches in various parts of the country in the coming weeks and special facilities in Permanent TSB branches as part of their outreach to customers of the departing banks. Permanent TSB has also created a dedicated customer switcher information hub on permanenttsb.ie.
These various initiatives are set up to support customers in opening an account with Permanent TSB and to begin their switching journey.
Commenting after today’s EGM, Eamonn Crowley, Permanent TSB Chief Executive, said:
“This is a major step forward in Permanent TSB’s transformation. It paves the way for us to complement our organic growth, serving more customers, widening our range of products and services, and using our greater scale and bigger branch network to drive competition in the Irish retail banking market.
We will continue to engage with regulatory and competition authorities on getting the necessary approvals from them.
Subject to achieving these approvals, we look forward to welcoming the first Ulster Bank mortgage and SME customers to Permanent TSB in the coming months and increasing the number of Permanent TSB branches in communities throughout Ireland by over 30pc”.
[1] The proposed acquisition includes approximately €7.5 billion of gross loans as at 31 December 2021.
