Minister Donohoe welcomes Permanent TSB’s decision to acquire a significant part of Ulster Bank’s Retail and SME business in the Republic of Ireland

The Minister for Finance, Paschal Donohoe TD, welcomes today’s statement by Permanent TSB (PTSB) that it has signed binding legal agreements with NatWest Group in relation to the acquisition of a significant part of Ulster Bank’s Retail and SME business in the Republic of Ireland.

Commenting on the transaction, Minister Donohoe stated:

“This transaction is a very positive development for PTSB and represents a significant opportunity for the Bank, its stakeholders and its customers to consolidate its position in the Irish banking market and position itself for future growth. With the withdrawal of Ulster Bank and KBC from the Irish market, a PTSB with greater scale has a more important role than ever in providing meaningful competition for consumers in terms of both product choice and pricing.

For these Ulster Bank borrowers, it provides them with certainty as to the destination of their loans, while depositors will have a choice to move their business to PTSB next year. The transaction also provides a large number of Ulster Bank staff with comfort in terms of job security.

I remain supportive of PTSB as shareholder on behalf of the State while noting that ongoing approval processes remain with the Competition and Consumer Protection Commission and also the Central Bank of Ireland which will conclude next year.”

ENDS