Permanent TSB has completed the deal for the purchase of €6.75 billion of Ulster Bank assets with the completion of the final migration of the Lombard asset finance business of Ulster Bank Ireland.
The Lombard asset finance business will now be rebranded as Permanent TSB Asset Finance.
Permanent TSB Asset Finance currently comprises about 23,000 agreements with a value of about €500m.
The asset finance business has about 18,000 personal, business and commercial customers and it increase the size of Permanent TSB's business lending by up to 200% after also incorporating Ulster Bank's performing micro-SME loan book which was acquired earlier this year.
The bank said that 66 Ulster Bank employees who were wholly or mainly assigned to Lombard have now transferred to Permanent TSB under the Transfer of Undertakings Regulations (TUPE).
As part of the deal with Ulster Bank, Permanent TSB has bought its performing non-tracker residential mortgage book, with a value of about €6.1 billion as well as 25 Ulster Bank branch locations across the country.
It also acquired the performing micro-SME loan book of Ulster Bank, with a value of about €165m.
Over 330 Ulster Bank employees who were wholly or mainly assigned to the Retail, SME or Asset Finance businesses that have been bought by Permanent TSB as Ulster Bank left the Irish market have are now PTSB employees.
Eamonn Crowley, Permanent TSB's chief executive, said the bank has today reached a very significant milestone as it completes the acquisition of Ulster Bank assets and officially launch the former Ulster Bank Lombard business as Permanent TSB Asset Finance.
"Lombard is already a successful and well-established business, supported by a team of experienced colleagues in addition to a network of committed authorised Credit Intermediaries," he said.
"I have no doubt this business will continue to go from strength to strength as Permanent TSB Asset Finance, propelling us forward in achieving our ambition of being Ireland's best personal and small business bank," he added.
"As our once in a generation deal with Ulster Bank comes to its conclusion today, I am very proud of what the bank has achieved over the past two years," the CEO said.
"We have transformed the bank and now have greater scale and business model diversification, an increased branch network and have welcomed tens of thousands of new customers to Permanent TSB," he stated.
