CCPC clears PTSB acquisition of Ulster Bank assets

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The Competition and Consumer Protection Commission has cleared the proposed acquisition by Permanent TSB of certain Ulster Bank assets.

The CCPC announced in May that it was carrying out an in-depth investigation of the proposed acquisition of Ulster Bank's performing non-tracker mortgage loans, some non-performing loans, its micro-SME business direct loan book, 25 Ulster Bank branches as well as Ulster Bank’s asset finance loan business.

"The CCPC considered whether the proposed acquisition would result in a substantial lessening of competition, when compared to the alternative scenario of a sale of Ulster Bank’s mortgage and micro SME lending assets to an alternative purchaser, and found that it would not," it added. The acquisition of the 25 branches and the Asset Finance business was on course to conclude in the first quarter of next year, the bank added.

In December, the banks formally agreed a legally binding deal which if approved would see NatWest sell Permanent TSB €7.6bn worth of Ulster Bank assets.

 

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