Permanent TSB Group Holdings - Dublin-based personal and small business bank - Says wholly-owned subsidiary Permanent TSB PLC completes acquisition of Ulster Bank Ireland DAC's performing non-tracker residential mortgage business. Portfolio acquired comprises loans with value of EUR6.2 billion. EUR5.2 billion to be migrated on Monday. Remaining EUR1 billion expected to migrate in second quarter of 2023, no later than fourth quarter of 2023. Permanent TSB will receive around 56,000 mortgage customers connected to around 36,000 accounts. The transaction has increased the size of Permanent TSB's mortgage book by approximately 40%.
Permanent TSB acquired tranche for EUR4.8 billion. Funded from internal resources and existing funding sources. Also issued 90.9 million shares of 50 cents each to subsidiary of NatWest Group PLC.
Current stock price: EUR1.70, up 1.6% on Monday
12-month change: up 7.6%
By Chris Dorrell; chrisdorrell@alliancenews.com
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