Permanent TSB Group Holdings PLC Competition clearance received on Ulster Bank deal (3712T)
22 Luglio 2022 - 9:01AM
UK Regulatory
TIDMIL0A TIDMNWG TIDM73HR
RNS Number : 3712T
Permanent TSB Group Holdings PLC
22 July 2022
22 July 2022
PERMANENT TSB GROUP HOLDINGS PLC
PERMANENT TSB CONFIRMS CLEARANCE FROM THE COMPETITION AND
CONSUMER PROTECTION COMMISSION FOR ITS ACQUISITION OF CERTAIN
ELEMENTS OF THE ULSTER BANK RETAIL, SME AND ASSET FINANCE BUSINESS
IN THE REPUBLIC OF IRELAND
On 17 December 2021, Permanent TSB Group Holdings plc (the
"Group" or "PTSBGH") announced that Permanent TSB plc ("PTSB" or
the "Bank"), a wholly owned subsidiary, had entered into a
conditional agreement to acquire certain elements of the Ulster
Bank Retail, SME and Asset Finance business in the Republic of
Ireland from NatWest Group plc (the "Transaction"). The Transaction
remained subject to obtaining the required regulatory approval,
including the Competition & Consumer Protection Commission
(CCPC), and shareholder approval. On 24 June 2022 at an
Extraordinary General Meeting (EGM), shareholder approval for the
Transaction was obtained.
The Bank confirms and welcomes the receipt of clearance from the
Competition and Consumer Protection Commission on 21 July 2022 for
the Transaction. All parties are working towards completing the
acquisition of the performing non-tracker residential mortgage
business [1] of Ulster Bank in Q4 2022 and it is currently
anticipated that the acquisition of the 25 branches, Business
Direct (micro-SME) and Lombard (Asset Finance) businesses will
complete in Q1 2023, but in all cases no later than 30 June 2023.
Approximately 400 to 450 Ulster Bank employees who are wholly or
mainly assigned to the Retail, SME or Asset Finance businesses that
are being acquired will be entitled to transfer to Permanent TSB
under the Transfer of Undertakings regulations. The final number of
employees transferring will be confirmed as the transaction
completes.
Chief Executive Comment
Eamonn Crowley, Permanent TSB Chief Executive, said:
'Following the recent approval of our own shareholders, today we
have reached another significant milestone on our transformation
journey with clearance from the Competition and Consumer Protection
Commission for our proposed acquisition of certain elements of the
Ulster Bank business.
Additionally as part of this transaction, Permanent TSB will be
expanding our nationwide branch network in 25 locations, further
reinforcing our commitment to communities across Ireland.
We are working closely with Ulster Bank to ensure a smooth
transition for Ulster Bank customers and colleagues to Permanent
TSB, which will begin in Q4 of this year, subject to regulatory
approval. W e look forward to welcoming them to a Bank with a deep
community heritage and customer service ethos.'
The Group will issue its 2022 Interim Results on 27 July
2022.
Ends
For further information, please contact:
Nicola O'Brien Leontia Fannin
Head of Investor Relations Head of Corporate
Nicola.OBrien@permanenttsb.ie Affairs & Communications
+353 1 669 5283 leontia.fannin@permanenttsb.ie
+353 87 973 3143
Note on forward-looking information:
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Group or the industry in which it operates, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The Bank
undertakes no obligation to release publicly any revision or
updates to these forward-looking statements to reflect future
events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate
regulatory authority.
[1] Within the non-tracker mortgage book, there is a small
element of non-performing loans which, as at 30 June 2021, have nil
arrears, are meeting contractual payments and are on a 12 month
probation period (the probationary criteria). Subject to continued
performance, these loans will be classified as performing at
completion. Any assets within the portfolio at 30 June 2021 which
subsequently become non-performing will form part of the portfolio
of assets to be acquired in addition to performing non-tracker
loans originated post 30 June 2021 and loans which meet the
probationary criteria pre-completion.
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END
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