PTSB chief confident on Ulsterbank loans deal

The lender last year agreed to purchase €7.6 billion of assets which would treble the size of PTSB’s SME business overnight, expand its mortgage book by about 40 per cent and grow its branch network by a third

Eamonn Crowley, chief executive, Permanent TSB: ‘We are showing momentum and we are reporting a profit, but our profit is a fraction of the profit of other players in the market.’ Picture: Fergal Phillips

Permanent TSB’s chief executive has sought to downplay concerns over the potential impact of the bank’s landmark deal to acquire billions of euro of loans from Ulster Bank ahead of a decision by the competition watchdog.

The lender last year agreed to purchase €7.6 billion of assets which would treble the size of PTSB’s SME business overnight, expand its mortgage book by about 40 per cent and grow its branch network by a third.

The ...