500 Ulster Bank employees and 25 branches will transfer to Permanent TSB

500 Ulster Bank employees and 25 branches will transfer to Permanent TSB, including the branch at Wilton, as part of a proposed deal between the two banks.

The two banks have signed a memorandum of understanding which would see Permanent TSB potentially acquire some of Ulster Bank’s assets – in a 7.6 billion euro deal.

They include performing non-tracker mortgages as well as a number of business loans.

Permanent TSB chief executive 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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