The Financial Services Union (FSU) and Permanent TSB have reached agreement on the transfer of around 400 staff from Ulster Bank.
The deal follows the announcement last week by the Competition and Consumer Protection Commission (CCPC) to clear the proposed acquisition by PTSB of certain Ulster Bank assets.
The staff transfer agreement is contingent on a majority of FSU members in Ulster Bank voting to accept the proposals.
A ballot will open on 28 July and close on 10 August.
Under the deal, Ulster Bank staff will be able to retain their 35-hour week or move to the PTSB 36.25-hour week but receive a pay increase equivalent to the hours increase.
Also included is a 15% pension funding which will be paid as 10% employer contribution and 5% allowance which can be used to increase pension contributions or remain as an allowance.
"This agreement follows months of lengthy and tense negotiations where the FSU sought to ensure that terms and conditions currently enjoyed by union members in Ulster Bank were protected," said Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU.
"We believe the agreement protects our members interests and, in some cases, improves their current contractual position," he added.
