25 Ulster Bank branches, including Thurles, will transfer to Permanent TSB as part of a proposed deal between the two banks.
500 Ulster Bank employees across the country will be affected, after the two banks signed a memorandum of understanding which would see Permanent TSB potentially acquire some of Ulster Bank’s assets.
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The €7.6 billion deal includes performing non-tracker mortgages as well as a number of business loans.
Permanent TSB chief executive Eamonn Crowley says he doesn’t believe the State, which is a shareholder in the bank, will have to invest more funds.
