IL0A.L Regulatory News (IL0A)

Statement by Permanent TSB Group Holdings plc

Permanent TSB plc (trading as Permanent TSB or the "Bank") is the wholly owned retail banking subsidiary of Permanent TSB Group Holdings plc)

26 January 2022. The Chairman of Permanent TSB Group Holdings plc (PTSBGH), Mr. Robert Elliott, has advised the Board that he will step down from the Board when his six year term as Chairman ends in March of next year (2023). Mr Elliott has confirmed his decision to the Board now in order to allow sufficient time to identify and appoint a successor which, based on recent industry experience, may take up to 12 months to complete. The Board has now commenced a process to identify and select a new Chairperson with support from the executive search firm Odgers Berndtson and will make a further announcement in due course.

Speaking today, Mr. Elliott said that Permanent TSB had made enormous strides over the past decade and was poised for a period of transformation and growth; "Noting that while it was subject to regulatory approval, the Bank's acquisition of certain elements of Ulster Bank's SME and Retail business will be transformative for the bank and will position us strongly for growth in the years ahead. The fact that the end of my term as Chairman will coincide with the substantial conclusion of this transaction makes next year the perfect time for me to step away from the bank and allow a new Chairperson to take the reins for what will be a crucial and exciting period for the enlarged bank."