Irish Life and Permanent pays euro 430m for TSB

Irish Life and Permanent today formally completed its euro 430 million (£338 million) acquisition of TSB Bank.

The purchase was ratified after Minister for Finance, Mr Charlie McCreevy, signed a Ministerial Order.

Irish Life and Permanent - the country's third largest financial institution - intends to merge the business of TSB with Irish Permanent to create Permanent TSB.

The management team, chosen from the management teams of Irish Permanent and TSB, takes responsibility from today.

Irish Life and Permanent was formed in 1999 following the merger of Irish Permanent and Irish Life. Growth in pensions and life assurance sales drove profits up 13 per cent to euro 286.6 million (£255.7 million) over the 12 months to December 31st 2000.

TSB currently has assets of euro 3.1 billion, compared with euro 12.8 billion held by Irish Permanent.