Banking

Back from the brink: Permanent TSB emerges from wilderness to become third force in banking market

For a decade it reported accumulated losses of €3bn, but the acquisition of Ulster Bank’s €6.8 billion-worth of mortgages and business loans has transformed the ailing lender

The consolidation that has taken place in the Irish banking sector over the past two years has been utterly transformative for Permanent TSB

There was a tangible sense of optimism in the main boardroom of Permanent TSB’s head office last week as Eamonn Crowley, the bank’s chief executive, unveiled a bumper set of half-year results the like of which the lender hasn’t reported since the height of the Celtic Tiger.

More than any other lender, the consolidation that has taken place in the Irish banking sector over the past two years has been utterly transformative for Permanent TSB, ...