Permanent TSB

2023 - 2 - 13

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Image courtesy of "RTE.ie"

PTSB completes deal for Ulster Bank's SME loan book (RTE.ie)

Permanent TSB said today it has completed a deal to buy Ulster Bank's "Business Direct" loan book after the transfer of about 3200 loan accounts to the ...

The loan book comprises loans with a value of about €165m. The Business Direct unit is the performing micro-SME loan book of Ulster Bank. Permanent TSB said today it has completed a deal to buy Ulster Bank's "Business Direct" loan book after the transfer of about 3,200 loan accounts to the bank.

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Image courtesy of "Business Post"

Permanent TSB closes deal for Ulster Bank's SME loan book after ... (Business Post)

Purchase of Business Direct is part of a wider transaction which includes the transfer of €5.2 billion performing non-tracker residential mortgages.

The purchase of Business Direct, the performing SME loan book of Ulster Bank, is part of a wider transaction between the two banks. Permanent TSB has completed a deal to purchase Ulster Bank’s ‘Business Direct’ loan book after the transfer of 3,200 loan accounts to the bank. Purchase of Business Direct is part of a wider transaction which includes the transfer of €5.2 billion performing non-tracker residential mortgages

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Image courtesy of "The Irish Times"

PTSB completes acquisition of Ulster Bank's €165m micro-SME loan ... (The Irish Times)

Deal part of a broader transaction which included transfer of €5.2bn performing non-tracker residential mortgages.

Some 28 Ulster Bank employees who were wholly or mainly assigned to the loan book have now transferred to Permanent TSB. Permanent TSB has also updated its customer hub to support customers. The loan book acquired currently comprises loans with a value of €165 million.

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Image courtesy of "Business Plus"

Permanent TSB Completes Acquisition fo 3200 SME Loans from ... (Business Plus)

Permanent TSB has completed the acquisition of Ulster Bank's Business Direct loan book, part of the same transaction that saw the bank acquired €5.2bn in.

It has also updated its A further 28 Ulster Bank employees who were wholly or mainly assigned to the Business Direct loan book have transferred to PTSB, meaning more than 250 Ulster Bank employees have now moved to the lender. Approximately 3,200 micro-SME loan accounts have been transferred to PTSB, with the migration of a further €900m in mortgages and Ulster Bank's Lombard asset finance business expected to take place in Q2.

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