Permanent TSB shareholders approve Ulster Bank deal

Permanent TSB shareholders have today voted to approve the bank’s proposed acquisition of €7.5 billion of Ulster Bank’s Mortgage, SME and Asset Finance assets, in addition to 25 Ulster Bank branches.

As part of the deal, about 450 Ulster Bank employees will be entitled to transfer to Permanent TSB.

Over 99% of shareholders voted in favour of resolutions to approve the transaction at the bank’s Extraordinary General Meeting (EGM) in Dublin today.

The vote is one of a number of steps needed to complete the transaction and begin the transfer of the Ulster Bank loans to Permanent TSB.

The first transfers are set to begin in the fourth quarter of this year.

The transaction remains subject to competition and regulatory approval.

Permanent TSB said that Ulster Bank’s Mortgage, SME and Asset Finance customers whose loans will transfer to PTSB do not need to do anything at this stage and should continue to engage with Ulster Bank as before.

They will be contacted in advance of their loans transferring with further information in the coming months, the lender stated.

Eamonn Crowley, Permanent TSB’s chief executive, said today’s vote is a major step forward in Permanent TSB’s transformation.

“It paves the way for us to complement our organic growth, serving more customers, widening our range of products and services, and using our greater scale and bigger branch network to drive competition in the Irish retail banking market,” Mr Crowley said.

The bank CEO said that Permanent TSB will continue to engage with regulatory and competition authorities on getting the necessary approvals from them.

“Subject to achieving these approvals, we look forward to welcoming the first Ulster Bank mortgage and SME customers to Permanent TSB in the coming months and increasing the number of Permanent TSB branches in communities throughout Ireland by over 30%,” he added.

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