21 Jan 2022

Four Donegal Ulster Bank branches to remain open following Permanent TSB and NatWest deal

Donegal TD says deal is welcome development

Ulster Bank announce a timeline on branch closures starting today

Ulster Bank announce major changes starting today

An agreement signed between Permanent TSB (PTSB) and NatWest will see PTSB acquiring €7.6 billion of assets from Ulster Bank, including 25 of its branches and four in Donegal.

Donegal TD Pearse Doherty said the announcement that a binding agreement had been signed between PTSB and NatWest for the acquisition of €7.6 billion of assets from Ulster Bank is a welcome development.

The Sinn Finance spokesperson said: “The deal will provide Permanent TSB with additional scale, supporting competition in what would otherwise have been a duopoly in the market between AIB and Bank of Ireland.

“It will also see four Ulster Bank branches, in Ballybofey, Buncrana, Killybegs and Donegal Town transferring to PTSB and remaining open – this is welcome news for customers and communities.

“However, it is disappointing that the branch in Letterkenny was not included in this agreement, like 62 other branches throughout the State that will now close."

Deputy Doherty said there are other questions raised by the announcement.

He said: “The proposed outsourcing of operations to service the residential mortgage loan book to Pepper Finance is unexpected, and its rationale and impact on staff and customers must be explained by Permanent TSB with a statement from the Minister for Finance, whose approval is acquired.

“Sinn Féin also has concerns regarding the pace of this transaction and its conclusion.

“With two banks withdrawing from the market, the transfer of staff, customers, deposits and assets should take place in an orderly manner.

“It is unclear if this can be achieved in the timeline proposed, and if the staffing levels exist to adequately support this change for customers in such a short space of time.

“It is crucial that the regulator takes all steps to ensure adequate support for customers of Permanent TSB throughout this process – that includes examining the timeline in which this process is concluded.”

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