Permanent TSB will maintain the 25 branches it purchased as part of its acquisition of Ulster Bank assets and invest €25 million in their refurbishment, the 75 per cent State-owned lender said on Monday.
The addition of the bank branches, which will be reopened in January and February, will increase PTSB’s overall network by 30 per cent to 98.
The 25 branches are part of PTSB’s wider acquisition Ulster Bank assets worth €6.8 million as the NatWest-owned lender moves to wind down its Irish business. PTSB also received regulatory approval to buy Ulster Bank’s performing non-tracker mortgage portfolio, worth €6.2 billion as well as its SME and asset finance business.
“This is a big moment for Permanent TSB as we open for business in 25 new communities across Ireland,” said Patrick Farrell, retail banking director at PTSB, in a statement.
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“This significant investment in local communities shows our commitment to personal and business customers, ensuring that we can meet their banking needs in the way that suits them best – in branch, online or by phone through our contact centre.”
PTSB announced last week that the has “materially completed” its acquisition of Ulster Bank’s residential mortgage business, which will see the domestic bank’s loan book grow by close to 50 per cent.
The deal will see some 56,000 Ulster Bank mortgage customers move to PTSB with loans valued at €5.2 billon “being migrated” this week, the bank said in a statement at the time. The remaining loans are expected to be moved over to PTSB in the second quarter of 2023.
On Monday, the bank once again urged customers to move their current accounts to PTSB from Ulster Bank before the exiting bank begins to close its branches in January.
“For Ulster Bank customers of these branches we are offering an easy transition to a new bank, with the same people and in the same building as they have been doing their banking business up to now,” Mr Farrell said.
“We want to welcome them and assure them of a great service provided by great people.”
