Permanent TSB has completed a deal to buy the performing non-tracker residential mortgage portfolio of Ulster Bank here after the transfer of about 8,000 mortgage loan accounts to the bank.
The bank said the mortgage loans acquired today currently comprise loans with a value of about €915m.
The new loans increase Permanent TSB's mortgage book by about 4%.
The purchase of these mortgages is part of a broader deal to buy certain elements of the Ulster Bank Retail, SME and Asset Finance business in the Republic of Ireland as the bank leaves the Irish market.
It comes after Permanent TSB bought €5.2 billion worth of mortgage loans in November 2022, and brings to a total of about €6.1 billion mortgage loans transferred to Permanent TSB from Ulster Bank.
Permanent TSB said its mortgage book has increased by about 40% after it incorporates the €6.1 billion mortgage loans transferred.
The lender has also acquired 25 former Ulster Bank branch locations which have since been re-opened as Permanent TSB branches.
As part of the deal, it has also bought Ulster Bank’s performing micro-SME loan book valued at about €165m in February.
It said it will complete the acquisition of the entire Lombard Asset Finance business shortly and with it, conclude the transaction as a whole.
Permanent TSB said it will write to the customers connected to the 8,000 acquired mortgage loans in the coming weeks to provide them with comprehensive information about the transfer.
"I am delighted to reach another major milestone in our acquisition of certain elements of Ulster Bank's business as we welcome 11,000 more mortgage customers to Permanent TSB, in addition to the over 200,000 customers that we welcomed to the bank in 2022," Eamonn Crowley, Permanent TSB's chief executive said.
"This transaction has been transformative for us and further supports the delivery of our ambition to become Ireland’s best personal and small business bank," the CEO added.
