REG - Permanent TSB Group NatWest Group plc Permanent TSB PLC - Competition clearance received on Ulster Bank deal

NatwestAnnouncement

22/07/2022 08:15

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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. We 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 Affairs & Communications
 Nicola.OBrien@permanenttsb.ie (mailto:Nicola.OBrien@permanenttsb.ie)    leontia.fannin@permanenttsb.ie (mailto:leontia.fannin@permanenttsb.ie)

+353 1 669 5283

                                                                         +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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