PTSB suffers setback in plan to buy Ulster Bank loans

British parent refused to enter a Transition Services Agreement which would have smoothed the transfer of the €9 billion loans and mortgages in question

9th May, 2021
PTSB suffers setback in plan to buy Ulster Bank loans
PTSB last month announced a new €50 million investment in its IT infrastructure which it said would allow the bank to prepare for “a significant expansion of customers and services over the coming years”

Permanent TSB’s pursuit of billions of euro of Ulster Bank loans has been dealt a blow as NatWest is refusing to enter into a transitional agreement to support the Irish lender for a period after any potential deal closed, the Business Post has learned.

NatWest, Ulster Bank’s parent company, has declined to enter into a Transition Services Agreement (TSA) sought by PTSB which would have simplified execution of a deal as...

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