Permanent TSB has completed the acquisition of Ulster Bank's Business Direct loan book, part of the same transaction that saw the bank acquired €5.2bn in performing mortgages and 25 branches from the NatWest-owned lender.

Approximately 3,200 micro-SME loan accounts have been transferred to PTSB, with the migration of a further €900m in mortgages and Ulster Bank's Lombard asset finance business expected to take place in Q2.

“This is another significant step for Permanent TSB as we complete the migration of Ulster Bank’s micro-SME loan book today and welcome more new colleagues to the bank," Eamonn Crowley, CEO of PTSB.

"Growing business banking is a fundamental part of our ambition of being Ireland’s best personal and small business bank.

"Through the acquisition of these 3,200 new customer relationships, we will demonstrate our commitment to providing a best-in-class business banking offering, supported by excellent service from a team of highly experienced and dedicated people.”

In Association with

PTSB said the Business Direct loan book has a value of c.€165m, and the bank's business lending will triple (+200%) with the capture of both the SME loan book and Lombard.

A further 28 Ulster Bank employees who were wholly or mainly assigned to the Business Direct loan book have transferred to PTSB, meaning more than 250 Ulster Bank employees have now moved to the lender.

PTSB said it will write to customers connected to the migrating Business Direct loan book in the coming weeks to update them on the transfer. It has also updated its customer hub to support affected borrowers as they transition to the bank.

(Pic: T. Schneider/Shutterstock)