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Permanent TSB (PTSB), in which the State owns a 75 per cent stake, is in talks to acquire most of Ulster Bank’s €14 billion mortgage book and up to €1 billion of small business loans in a deal that almost double the size of its assets, according to sources familiar with the discussions.
A potential deal, which are at an early stage, would also involve PTSB taking over a portion of Ulster Bank’s €22 billion deposit book, employees and an amalgamation of the groups’ combined branch networks, they said. Ulster Bank has 88 branches while PTSB has 76 locations, with the latter holding a greater footprint in the middle and southern parts of the State. Branch closures would be inevitable, according to sources.
PTSB is unlikely to have much interest in Ulster Bank’s tracker mortgage book, which is estimated to amount to between €6.5 billion and €7 billion. However, industry sources suggest that the bank could take the book on and refinance it on the bond markets, through a process known as securitisation, while retaining day-to-day relationships with underlying borrowers.
Third force
Any deal would likely need capital support from the State, but would be in line with comments from Tánaiste Leo Varadkar in the the Dáil on Thursday that the Government was exploring the establishment of a so-called third banking force, with Minister for Finance Paschal Donohoe “assessing all options” to protect customers and minimise job losses and to avoid compulsory redundancies wherever possible.
Ulster Bank confirmed on Friday that it will be wound down on a phased basis over a number of years, after its UK parent NatWest decided that the business will not be able to make acceptable profit returns for the foreseeable future.
The Irish Times reported on Thursday evening that PTSB and AIB were preparing to disclose that they were in talks with NatWest on taking over portions of the Ulster Bank loan book.
AIB confirmed on Friday that it plans to take over €4 billion of SME and corporate loans from Ulster Bank. A deal here could involve about 5,000 customer with more than €2 million of annual revenues, and the movement of between 250 and 300 of Ulster Bank staff to AIB, according to sources.
PTSB also said that it was in early discussions with Ulster Bank on potentially acquiring “certain retail and SME assets, liabilities and operations.”
“Permanent TSB is committed to growth and to supporting customers and communities,” said Eamonn Crowley, PTSB chief executive. “On that basis we are in discussions with NatWest in relation to acquiring certain elements of the Ulster Bank retail and SME business to provide continuity of service for customers and to strengthen our ability to provide choice and competition in the market generally.”