Permanent TSB completes acquisition of €6.75 billion of Ulster Bank Assets and launches ‘Permanent TSB Asset Finance’

• Approximately 23,000 asset finance agreements valued at c.€500 million, connected to c.18,000 customers successfully transferred to Permanent TSB
• Rebranding of the Lombard asset finance business to Permanent TSB Asset Finance
• 66 former Ulster Bank employees transferred to Permanent TSB under the Transfer of Undertakings Regulations
• Marks the conclusion of the Bank’s broader acquisition of c.€6.75 billion of the Ulster Bank Retail, SME and Asset Finance business in the Republic of Ireland

24^th July 2023

Permanent TSB today announces it has completed the acquisition of c.€6.75 billion of Ulster Bank assets with the completion of the final migration of the Lombard asset finance business of Ulster Bank Ireland DAC (“Ulster Bank”), and has commenced trading as ‘Permanent TSB Asset Finance’.

Permanent TSB Asset Finance currently comprises c.23,000 agreements with a value of c.€500 million. These agreements are connected to c.18,000 personal, business and commercial customers and increase the size of the Bank’s business lending by c.200% when incorporating Ulster Bank’s performing micro-SME loan book which was acquired earlier this year.

66 Ulster Bank employees who were wholly or mainly assigned to Lombard have now transferred to Permanent TSB under the Transfer of Undertakings Regulations (TUPE).

Today’s announcement also marks the conclusion of the Bank’s broader acquisition of c.€6.75 billion of the Ulster Bank Retail, SME and Asset Finance business in the Republic. In addition to completing the transfer of Lombard to Permanent TSB, this transaction also consisted of the following:

• The performing non-tracker residential mortgage book of Ulster Bank, with a value of c.€6.1 billion, acquired in November 2022 and May 2023;
• 25 Ulster Bank branch locations across the country, acquired in January 2023;
• The performing micro-SME (“Business Direct”) loan book of Ulster Bank, with a value of c.€165 million, acquired in February 2023; and
• The transfer of over 330 Ulster Bank employees in total who were wholly or mainly assigned to the Retail, SME or Asset Finance businesses that have been acquired under TUPE.

Eamonn Crowley, Permanent TSB Chief Executive, said:

“Today we have reached a very significant milestone as we complete the acquisition of c.€6.75 billion of Ulster Bank assets and officially launch the former Ulster Bank Lombard business as Permanent TSB Asset Finance.

Lombard is already a successful and well-established business, supported by a team of experienced colleagues in addition to a network of committed authorised Credit Intermediaries; I have no doubt this business will continue to go from strength to strength as Permanent TSB Asset Finance, propelling us forward in achieving our Ambition of being Ireland’s best personal and small business bank.

As our once in a generation deal with Ulster Bank comes to its conclusion today, I am very proud of what the Bank has achieved over the past two years. We have transformed the Bank and now have greater scale and business model diversification, an increased branch network and have welcomed tens of thousands of new customers to Permanent TSB. We have also had more than 330 new colleagues join Permanent TSB who, along with our other experienced and committed colleagues, are enabling the Bank to continue to grow and compete in the market.”

Permanent TSB will write to the customers connected to the c.23,000 acquired asset finance agreements in the coming weeks to provide them with comprehensive information about the transfer. Permanent TSB has also updated its dedicated customer hub to support these customers as they transition to the Bank.