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Some 25 of Ulster Bank's Branches To Be Acquired By Permanent TSB

File image: Rolling News

Including two branches in Kildare.

Permanent TSB is set to buy Ulster Bank's performing non-tracker mortgages and 25 of its branches in a 7.6 billion euro deal.

This includes two branches in Co.Kildare, Kilcock and Celbridge.

The banks SME loans and its Lombard Asset Finance business are also part of the sale.

Some 6.4 billion will be paid in cash and the rest in shares ,with Ulster Banks parent company, NatWest Group, to receive a 16.6% stake in PTSB if approved.

As part of the agreement with Permanent TSB, employees in the branch locations which are to be acquired will have the right to transfer if the deal goes ahead.

It is expected that 450 bank workers will be eligible to transfer to Permanent TSB.

The remaining branches are likely to be shut.

The transfer will take place in phases towards the end of next year and into 2023.

The deal follows Ulster Bank's announcement it plans to withdraw from the Irish market.

Business Journalist, Gavin McLoughlin, says the deal is good news for PTSB:

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