Permanent TSB may not have conditions imposed on acquisition of Ulster Bank assets

PTSB awaiting approval from the competition watchdog before deal to acquire billions of euro of Ulster Bank assets can conclude

Eamonn Crowley, the chief executive at Permanent TSB: ‘We believe that this transaction increases our ability to compete not only on mortgages but most importantly also on business banking and retail banking.’ Picture: Chris Bellew/Fennell Photography

Permanent TSB may not have any conditions imposed on it should the competition watchdog give its proposed acquisition of billions of euro of Ulster Bank assets the all-clear, the lender’s chief executive has said.

PTSB shareholders on Friday voted to approve its proposed deal to buy €7.5 billion of Ulster Bank’s mortgage, SME and asset finance assets, in addition to 25 Ulster Bank branches.

More than 99 per cent of shareholders voted to approve two ...