PTSB hires advisers for possible Ulster Bank loan offer – Irish Times

DUBLIN, Jan.29 (Reuters) – Permanent tsb (PTSB) has retained investment bank Morgan Stanley to advise on a possible offer on Ulster Bank’s Irish portfolio of small and medium-sized business loans if its more big rival decides to leave the market, the Irish Time reported.

Ulster Bank, the Irish unit of UK group NatWest, is conducting a strategic review of its operations in Ireland.

Citing unidentified sources, The Irish Times said it was not clear what part of Ulster PTSB’s SME franchise would consider bidding. Analysts at Davy Stockbrokers said Ulster Bank’s underlying SME portfolio is around € 2-2.5 billion.

Mortgage lender PTSB’s SME portfolio stood at just € 47 million at the end of 2019. However, managing director Eamonn Crowley said the bank is keen to increase its presence in the business lending market.

A spokeswoman for the Irish state-owned PTSB declined to comment on the report.

In a note, analysts at Davy said an acquisition would have a transformative impact on the earnings profile of PTSB, the smallest of Ireland’s three banks, and allay concerns about Ulster Bank Ireland exiting the point market. from a competitive perspective. (Reporting by Padraic Halpin. Editing by Mark Potter)

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