Permanent TSB has welcomed the vote accepting the proposed TUPE arrangements of Ulster Bank employees who are entitled to transfer to Permanent TSB and Pepper Finance as part of the acquisition by Permanent TSB of €7.6bn in assets from Ulster Bank. The terms were balloted upon by members of Employee Representative Bodies, including the FSU (Financial Services Union) and ECB (Employee Consultative Body) in Ulster Bank. Under the transaction, approximately 400 to 450 Ulster Bank employees who are wholly or mainly assigned to the businesses that are being acquired will be entitled to transfer.
Speaking today, Ger Mitchell, Permanent TSB’s Chief HR Officer & Corporate Development Director, said the move was a significant step in the completion of the “transformative” deal with Ulster Bank. He said; “Following extensive and constructive engagement with Employee Representative Bodies over the past several months, this is a very significant and welcome outcome from Ulster Bank employees. We are looking forward to welcoming our new colleagues and working closely with them to ensure they have a positive experience as they transfer over the coming months.”
Earlier this Summer the transaction between Permanent TSB and Ulster Bank was approved by Permanent TSB shareholders and received clearance from the Competition and Consumer Protection Commission. Subject to obtaining the required regulatory approval, the transaction will see Permanent TSB acquire €7.6bn of the Ulster Bank Retail, SME and Asset Finance business in the Republic of Ireland. Permanent TSB is also attracting thousands of current account customers from the departing Ulster Bank and KBC as they seek to move their banking relationship to Permanent TSB. Today the bank has launched a €2 million advertising campaign in support of that effort.