Permanent TSB today announces it has completed the acquisition of the performing non-tracker residential mortgage portfolio of Ulster Bank DAC (“Ulster Bank”) in the Republic of Ireland following the successful transfer of approximately 8,000 mortgage loan accounts to the bank.
The mortgage loans acquired today currently comprise loans with a value of c. €915 million connected to c. 11,000 customers and increases Permanent TSB’s mortgage book by c. 4%.
The acquisition of these mortgage loans to Permanent TSB is part of a broader transaction to acquire certain elements of the Ulster Bank Retail, SME and Asset Finance business in the Republic of Ireland. It builds on the c. €5.2 billion mortgage loans acquired by the bank in November 2022, bringing to a total of c. €6.1 billion mortgage loans transferred to Permanent TSB by Ulster Bank. In total, Permanent TSB’s mortgage book has increased by c. 40% when incorporating the c. €6.1 billion mortgage loans transferred.
As part of the transaction, Permanent TSB has also acquired 25 former Ulster Bank branch locations in January 2023 which have since been re-opened as Permanent TSB branches, along with the acquisition of Ulster Bank’s performing micro-SME loan book valued as c. €165 million in February 2023. The bank will complete the acquisition of the entire Lombard Asset Finance business shortly and with it, conclude the transaction as a whole.
Permanent TSB will write to the customers connected to the c. 8,000 acquired mortgage loans in the coming weeks to provide them with comprehensive information about the transfer. Permanent TSB has also updated its dedicated customer hub www.permanenttsb.ie/ulsterbank to support these customers as they transition to the bank.
Eamonn Crowley, Permanent TSB Chief Executive, said:
“I am delighted to reach another major milestone in our acquisition of certain elements of Ulster Bank’s business as we 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.
This transaction has been transformative for us and further supports the delivery of our ambition to become Ireland’s best personal and small business bank.”