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24/09/2021

Two Ulster Bank branches in Kildare to be bought by Permanent TSB

Deal announced this morning

Two Kildare branches of Ulster Bank are set to be sold to Permanent TSB as part of a proposed deal between the two organisations announced this morning.

Permanent TSB is set to buy some 25 of Ulster Bank's branches nationwide, and between 400 and 500employees are expected to transfer to the former.

The Kildare branches affected are in Kilcock and Celbridge. The Ulster Bank branch in Lucan is also part of the deal.

Ulster Bank announced last February that is will withdraw from its Republic of Ireland operations. The bank said today that there would be no immediate changes for customers. "We will proactively contact customers when they need to move bank and/or close accounts," it said. It added that it would not close any branches in 2021, and does not anticipate closing any branches in the first half of next year.

The Memorandum of Understanding about the proposed deal, released this morning, also comprises non-tracker mortgages; performing loans in our micro-SME business; Ulster Bank’s Lombard Asset Finance business, including the Lombard digital platform.

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