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Permanent TSB to take over two Cavan Ulster Bank branches

Jul 23, 2021 10:07 By News Northern Sound
Permanent TSB to take over two Cavan Ulster Bank branches Permanent TSB to take over two Cavan Ulster Bank branches
The branches in Ballyjamesduff and Ballyconnell are to transfer under the plan.
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The news was announced this morning.

Two Ulster Bank branches in Cavan are to transfer to Permanent TSB under a new deal.

500 Ulster Bank employees and 25 branches will transfer as part of the proposed deal between the two banks.

Ulster Bank branches in Ballyconnell and Ballyjamesduff are to transfer if it's approved.

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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 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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