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Friday, July 19, 2024

Permanent TSB has officially completed its acquisition of Ulster Bank’s mortgage portfolio


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Permanent TSB (PTSB) has successfully acquired Ulster Bank’s portfolio of performing non-tracker residential mortgages in Ireland. This portfolio consists of 8,000 loans worth €915m, and is connected to 11,000 customers, resulting in a 4% growth of PTSB’s mortgage book. The transaction also includes Ulster Bank’s retail, SME and asset finance business in Ireland, as well as €5.2bn of its mortgage loans, which have now been transferred to PTSB, increasing the size of its mortgage book by 40%.

PTSB will soon begin communicating with customers connected to these accounts by launching a dedicated online hub. It has also recruited 350 Ulster Bank employees, and will be creating an additional 400 roles this year. In addition, 25 former Ulster Bank branches have been taken over by PTSB, increasing its branch network by 30%. Lastly, the acquisition of Lombard Asset Finance business is expected to be completed shortly, concluding the transaction between PTSB and Ulster Bank.

Eamonn Crowley, Chief Executive of PTSB, expressed his delight at the accomplishment, “I am delighted to reach another major milestone in our acquisition of certain elements of Ulster Bank’s business as we welcome 11,000 more mortgage customers to Permanent TSB, in addition to the over 200,000 customers that we welcomed to the bank in 2022.”

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