Permanent TSB, one of Ireland’s leading retail banks, has successfully completed the acquisition of €6.7 billion worth of assets from Ulster Bank. This acquisition includes the Lombard asset finance business, which has transferred approximately 23,000 asset finance agreements, valued at €500 million, and connected to 18,000 customers, to Permanent TSB. The purchase of these assets is part of Ulster Bank’s ongoing process of selling its assets after announcing its decision to exit the retail banking market in the Republic of Ireland last year.
As a result of this transaction, 66 employees from Ulster Bank, who were primarily assigned to Lombard, will now be employed by Permanent TSB. This move ensures a smooth transition for both the employees and the customers involved. In addition to Lombard, the deal also includes Ulster Bank’s performing non-tracker residential mortgage book, valued at €6 billion, 25 branch locations across the country, and the performing micro-SME loan book, valued at €165 million. Over 330 Ulster Bank employees have been transferred in total.
This acquisition significantly enhances Permanent TSB’s business lending capabilities, as it incorporates Ulster Bank’s performing micro-SME loan book, which was acquired earlier this year. The bank’s business lending capacity has increased by an impressive 200% as a result. Permanent TSB has expressed its commitment to providing comprehensive information to the customers connected to the 23,000 acquired asset finance agreements. The bank plans to reach out to these customers in the coming weeks to ensure a smooth transition and address any concerns they may have.
This acquisition marks another significant milestone in the consolidation of the Irish banking sector. With Ulster Bank’s exit from the retail banking market, the remaining three banks in the Republic of Ireland, including Permanent TSB, have absorbed its assets and staff. The completion of this deal showcases Permanent TSB’s strategic growth and commitment to serving its customers with an expanded range of products and services.
The acquisition of Ulster Bank’s assets aligns with Permanent TSB’s long-term growth strategy. The bank aims to strengthen its position in the Irish market and provide enhanced financial solutions to its customers. By incorporating Ulster Bank’s assets, Permanent TSB not only expands its business lending capabilities but also gains a wider customer base, allowing it to better serve the needs of Irish businesses and individuals.
As the banking landscape in Ireland continues to evolve, Permanent TSB remains focused on delivering exceptional customer service and maintaining its position as a leading financial institution. The bank’s acquisition of Ulster Bank’s assets reinforces its commitment to growth and innovation in the Irish banking sector. With the successful completion of this acquisition, Permanent TSB is well-positioned to capitalize on future opportunities and continue its journey of providing reliable and customer-centric financial services to the Irish market.