Statement following Permanent TSB’s announcement that it has signed a MoU with NatWest Group regarding Ulster Bank

23rd July, 2021

The Minister for Finance, Paschal Donohoe TD, notes today’s statement by Permanent TSB (PTSB) that it has signed a non-binding Memorandum of Understanding (MoU) with NatWest Group in relation to the potential acquisition of certain Ulster Bank loan portfolios, and other related assets. Whilst acknowledging that significant further work is required before a final transaction is agreed, the Minister believes a successful delivery of a transaction on the scale described in the announcement would be a very positive development for both PTSB and the staff and customers of Ulster Bank.

In noting the announcement, the Minister commented as follows:

“The successful conclusion of a transaction in line with that described in PTSB’s announcement would be a very positive outcome providing a significant number of Ulster Bank customers with certainty as to the destination of their loans, and a large number of staff with comfort in terms of job security. However, I appreciate that the conclusion of any transaction is subject to normal due diligence, further negotiation and agreement of final terms, as well as obtaining appropriate approvals.

“For PTSB, the acquisition of these loan portfolios would provide the bank with additional scale, further strengthening its role in the marketplace. With the withdrawal of Ulster Bank and KBC from market, an enlarged PTSB has a more important role than ever in providing meaningful competition for consumers both in terms of product choice and pricing.


“I am hopeful that these discussions will lead to a successful outcome and remain supportive of the bank as shareholder.”