Permanent TSB, an Irish bank, has recently completed a significant acquisition of Ulster Bank assets, amounting to €6.75 billion. This acquisition includes the rebranding of Ulster Bank’s Lombard asset finance business as Permanent TSB Asset Finance, which currently holds around 23,000 agreements valued at €500 million.
As a result of this acquisition, Permanent TSB’s business lending is expected to increase by up to 200%, and approximately 18,000 new customers will be added to their portfolio. Moreover, Permanent TSB has acquired Ulster Bank’s performing non-tracker residential mortgage book valued at €6.1 billion, along with 25 branch locations and a performing micro-SME loan book valued at €165 million.
The transfer of over 330 Ulster Bank employees to Permanent TSB has also taken place. This acquisition is considered a significant milestone for Permanent TSB, as it marks the bank’s transformation over the past two years, including increased scale, business model diversification, and an expanded branch network.
Deal Details
The deal between Permanent TSB and Ulster Bank involves the acquisition of €6.75 billion worth of assets. This includes the Lombard asset finance business, which has been rebranded as Permanent TSB Asset Finance. Currently, Permanent TSB Asset Finance has approximately 23,000 agreements valued at €500 million. The asset finance business has about 18,000 customers, significantly increasing the size of Permanent TSB’s business lending by up to 200%.
In addition, Permanent TSB has acquired Ulster Bank’s performing non-tracker residential mortgage book valued at €6.1 billion. The acquisition also includes 25 Ulster Bank branch locations across the country. Furthermore, Permanent TSB has acquired Ulster Bank’s performing micro-SME loan book valued at €165 million.
This deal marks a significant milestone for Permanent TSB and further strengthens its position in the market.
Impact on Business
Impact on Business:
The integration of the acquired assets and employees from Ulster Bank is expected to significantly expand Permanent TSB’s business lending capacity, broaden its customer base, and enhance its overall market presence.
With the addition of Ulster Bank’s performing non-tracker residential mortgage book valued at €6.1 billion and performing micro-SME loan book valued at €165 million, Permanent TSB’s business lending is projected to increase by up to 200%. This substantial growth in lending capacity will allow the bank to cater to a larger number of customers and meet their financing needs.
Furthermore, the acquisition of 25 Ulster Bank branch locations across the country will provide Permanent TSB with an increased branch network, enabling greater accessibility for customers.
Overall, this milestone acquisition positions Permanent TSB as a stronger player in the Irish banking industry, with enhanced capabilities and a wider reach.
Future Growth Opportunities
With the integration of the recently acquired assets and personnel, the expansion of Permanent TSB’s business lending capacity and customer base presents promising prospects for future growth.
The acquisition of Ulster Bank’s asset finance business, now rebranded as Permanent TSB Asset Finance, significantly increases the size of Permanent TSB’s business lending by up to 200%. With approximately 18,000 customers and 23,000 agreements valued at €500 million, Permanent TSB Asset Finance is well-positioned to continue growing.
Additionally, the acquisition of Ulster Bank’s performing non-tracker residential mortgage book valued at €6.1 billion further strengthens Permanent TSB’s lending portfolio.
The inclusion of Ulster Bank’s performing micro-SME loan book valued at €165 million provides additional opportunities for growth in the small business sector.
Overall, these acquisitions enhance Permanent TSB’s scale and diversify its business model, positioning the bank as a leading personal and small business bank in Ireland.
