THE Ulster Bank branch in Shannon is one of 25 that are set to be acquired by Permanent TSB, following the signing of a Memorandum of Understanding between the two, writes Owen Ryan.
The deal will see Permanent TSB acquire in the region of €7.6 billion worth of assets.
A statement from Permanent TSB said, “It is expected that circa 400 to 500 Ulster Bank employees, who are wholly or mainly assigned to the retail and SME perimeter that is being acquired, will transfer to Permanent TSB.
“The exact number of in scope employees that will have the right to transfer under the Transfer of Undertakings regulations will be agreed as part of the next stage of negotiations.”
Eamonn Crowley CEO of Permanent TSB Holdings said “This Potential Transaction complements our growth strategy and will accelerate the delivery of Permanent TSB’s ambition of becoming Ireland’s best personal and small business bank.
“We see this as a once in a generation opportunity to fast-track the growth of an Irish bank with a strong community and customer service ethos that has evolved over its 200-year history.
“It also supports the investments we are making in the transformation of our in-branch and digital banking services.
“As we grow the Bank, we are committed to building on our local community heritage, further building trust with customers and taking accountability for the critical role that banks play in wider society, particularly in the areas of Sustainability and Social Responsibility.”