25 branches are to be transferred, including 2 in Kildare.
Permanent TSB has announced plans to buy out some of Ulster Bank's assets.
A memorandum of understanding has been signed by the two parties, which could potentially see Permanent TSB taking on performing non-tracker mortgages and SME loans.
500 Ulster Bank employees and 25 branches will transfer to Permanent TSB as part of a proposed deal
Two of those branches are in Kildare, in Kilcock and Celbridge.
List of the 25 Ulster Bank branches to be transferred to Permanent TSB under terms of an angreement announced today.https://t.co/2Nf0hBudL1
— Irish Examiner (@irishexaminer) July 23, 2021
Ulster Bank owners NatWest announced earlier this year it would be withdrawing from the Irish market on a phased basis.
Permanent TSB chief executive Eamonn Crowley says impacted Ulster Bank customers don't need to do anything as a result of the development:
NatWest agrees to sell Ulster Bank assets to Permanent TSB https://t.co/STXN70inxP
— breakingnews.ie (@breakingnewsie) July 23, 2021
Eamonn Crowley says he doesn't believe the State, which is a shareholder in the bank, will have to invest more funds
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