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Local Ulster Bank branches could remain open under a Permanent TSB takeover

Feb 19, 2021 16:02 By News Northern Sound
Local Ulster Bank branches could remain open under a Permanent TSB takeover Local Ulster Bank branches could remain open under a Permanent TSB takeover
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Local Ulster Bank branches could remain open under a Permanent TSB takeover. The bank's parent company announced yesterday that it'd start a "phased

Local Ulster Bank branches could remain open under a Permanent TSB takeover.

The bank's parent company announced yesterday that it'd start a "phased withdrawal" from the Irish market.

Ulster Bank employs 2,800 staff across 88 branches, but it was confirmed no closures or redundancies would take place in 2021.

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The bank has agreed a non-binding deal with AIB for the transfer of 4 billion euro in corporate and commercial loans as well as some employees.

Early discussions are also underway with Permanent TSB over its potential interest in buying some assets, liabilities and operations.

Irish Independent's Personal Finance Editor Charlie Weston told The Wider View that if PTSB takes over commercial operations, border and midland banks could be saved.

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The Financial Services Union has described as 'constructive' a meeting it held with the Minister for Finance Pascal Donohoe over the closure of Ulster Bank.

The discussion focused on job certainty for staff, terms and conditions and the retention of the Branch structure.

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The Head of Industrial Relations at the Irish Financial Services union says it's vital that local jobs and services are protected during Ulster Bank's withdrawal from the Irish Market.

Gareth Murphy told The Joe Finnegan Show that the Finance Minister is in a "unique position" to ensure the "orderly wind-down of Ulster Bank":

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