Its part of a deal to sell a large part of Ulster Bank loans and other assets
Ulster Bank owner Nat West may take a minority stake in Permanent TSB.
The Irish Times reports the move is part of a deal to sell a large part of Ulster Bank loans and other assets to PTSB.
PTSB is understood to be interested in about €9 billion of Ulster Bank’s 20 billion euro loan book.
Fund Manager at Davy, Aidan Donnelly, explains why Nat West may be pursuing this strategy:
PTSB aims to use ‘badwill’ accounting operation to reduce need for fresh cash for deal https://t.co/k2MYPIeSk7 via @IrishTimesBiz
— Irish Times Business (@IrishTimesBiz) June 25, 2021