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Permanent TSB (ILOA) stock rises after NatWest (NWG) deal

By David Burrows

10:06, 17 December 2021

Exterior of a Permanent TSB branch in Dublin
Exterior of a Permanent TSB branch in Dublin – Photo: Alamy

The Dublin-based Permanent TSB Group (ILOA) saw its stock rise in morning trading. This followed the confirmation from NatWest Group that it would sell assets from its Irish arm Ulster Bank to Permanent TSB.

By mid-morning Permanent TSB’s stock price was up 3.51% to €1.55.  

The sale includes €7.6bn of gross performing loans, much of which relates to non-tracker mortgages, as well as performing micro-SME loans and Ulster Bank’s Lombard Asset Finance business. The sale also includes 25 branches from Ulster Bank’s 88 branch locations.

Sale completion is expected to occur in phases between fourth quarter 2022 and first quarter 2023.

The majority of loans are expected to transfer in the fourth quarter of 2022 and it is thought that around 450 employees will have the right to transfer under TUPE regulations, with the final number of roles to be confirmed as the deal completes.

Phased withdrawal from Irish market

Commenting on the deal, NatWest Group CEO Alison Rose said: “Today’s announcement is a key milestone in our phased withdrawal from the Republic of Ireland. Our priority is to support our customers and colleagues through this transition and working closely with Permanent TSB to ensure the successful completion of this agreement.”


4,596.80 Price
+0.710% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.7


36,260.80 Price
+0.920% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 11.0


16,454.10 Price
+1.340% 1D Chg, %
Long position overnight fee -0.0220%
Short position overnight fee -0.0002%
Overnight fee time 22:00 (UTC)
Spread 8.0


16,908.50 Price
-0.760% 1D Chg, %
Long position overnight fee -0.0261%
Short position overnight fee 0.0042%
Overnight fee time 22:00 (UTC)
Spread 30.0

In October, NatWest (NWG) revealed it had tripled its profit in the third quarter – this was despite setting aside cash for an anticipated fine for money laundering failings.

The UK-based bank reported a pre-tax profit for the July-September period of £1.1bn, significantly up on the £355m for the same period in 2020.

At the time the market responded positively to the numbers – in early morning trading, NatWest shares rose 3.4% to 223.5p.

This morning the NatWest stock price fell slightly – down 0.54% at 222.40p

Read more: NatWest shares rise on the back of strong Q3 profit

Markets in this article

NatWest Group PLC
2.115 USD
0.043 +2.080%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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