Permanent TSB

Last updated

Permanent TSB Group Holdings plc
Company type Public limited company
Euronext Dublin:  PTSB
LSE:  PTSB
ISEQ 20 component
ISIN IE00BWB8X525
Industry Financial services
Founded1816
Headquarters Dublin, Ireland
Key people
Julie O'Neill (Chair of the Board)
Eamonn Crowley (CEO)
ProductsBanking, asset management
Revenue€775 million (2022) [1]
€409 million (2022) [1]
€223 million (2022) [1]
Owner Government of Ireland (57.4%)
NatWest Group (11.7%)
Number of employees
2,614 (2022)
Website permanenttsbgroup.ie

Permanent TSB Group Holdings plc, formerly Irish Life and Permanent plc is a provider of personal financial services in Ireland. Irish Life Assurance plc and the Irish Permanent Building Society merged to form the Irish Life and Permanent Group in 1999 and the merged entity acquired the Trustee Savings Bank in 2001. [2] The group has no connection to the UK's TSB Bank.

Contents

History

The bank is historically derived from three different companies:

Irish Life Assurance plc (founded 1939) and the Irish Permanent Building Society (founded 1884) merged to form the Irish Life and Permanent Group in 1999 and the merged entity acquired the Trustee Savings Bank (founded 1816) in 2001. [2]

Irish Life Assurance

Irish Life was a life assurance company created in 1939 with state assistance and concentrated on life assurance and investment products. [3]

were amalgamated. [3]

Later some British companies shed their Irish operations, and merged them into this new company. They were: [3]

Shares in the business were sold to the public in July 1991. [3] In 1965 Irish Life entered the UK market and competed against its former parent, initially under its own name. [3]

In 1999, Irish Life Assurance plc and the Irish Permanent Building Society merged to form the Irish Life and Permanent Group. [2] In March 2012, Irish Life Assurance was sold to the Irish State for €1.3 billion as part of a bank recapitalisation programme following the Irish financial crisis. [4]

Irish Permanent Building Society

Permanent TSB, previously the Irish Permanent Building Society, was founded as The Irish Temperance Permanent Benefit Building Society which was founded in 1884. [2] In 1940 under new managing director Edmund Farrell its name was changed to Irish Permanent Building Society. Farrell, and later his son, Edmund Farrell Jnr managed the building society until about 1990. [5]

In 1992 Irish Permanent Finance, specialising in auto finance, was established. In 1992 branch operations were opened in London and Belfast. In 1992 a Banking subsidiary established in the Isle of Man. [2]

In 1994 the Irish private banking operation of Guinness & Mahon was acquired. In 1996 Capital Home Loans, a UK mortgage lender, was acquired. [2]

It was a mutual organisation, jointly owned by those saving and borrowing. It demutualised to form a plc on 21 September 1994. Irish Permanent was a predominantly personal banking and mortgage company.

In 1999, Irish Life Assurance plc and the Irish Permanent Building Society merged to form the Irish Life and Permanent Group. [2]

Trustee Savings Bank

The origins of the TSB Bank date back to 1816 when the first Irish Savings Bank was established in Waterford. [6] Shortly afterwards, savings banks were established in Cork, Dublin, Monaghan and Limerick.

The Dublin and Monaghan banks merged in 1977, followed by the amalgamation of the Cork and Limerick banks in 1986.

In 1988, Waterford was incorporated into the Dublin bank and finally, in 1992, Cork and Limerick Savings Bank amalgamated with Trustee Savings Bank Dublin, to form TSB Bank. It was purchased by Irish Life and Permanent from the Government of Ireland in 2001. [2]

Permanent TSB

In 2001, Irish Life and Permanent Group acquired the Irish Trustee Savings Bank from the Government of Ireland, and rebranded as Permanent TSB. [2] [7]

During the Irish banking crisis the group was split. The profitable Irish Life Group was purchased by the government for €1.3 billion, and subsequently sold to Great-west Lifeco in July 2013. [8] The bank received a further €2.7 billion of capital from the Irish State, [9] bringing it into majority state ownership. [2]

The bank has over one million customers in Ireland. The chief executive of Permanent TSB is Eamonn Crowley, who succeeded Jeremy Masding in that capacity in June 2020. [10]

In March 2011 during the Irish banking crisis the bank was said to be in need of an external €4.0 billion bailout. [11] [12]

In February 2011 SEB (Skandinaviska Enskilda Banken AB) acquired Irish Life International Ltd (ILI), so it now operates under the corporate name Life International Assurance Company Limited. [13]

On 19 February 2013, Great-West Lifeco of Canada announced its acquisition of the Irish Life Group for €1.3 billion. This was disputed by the shareholders. The Supreme Court rejecting the shareholders' application to delay the sale, pending the hearing of their challenge of the sale. This was heard on 21 January 2014, [14] and concluded on 13 February 2014. Judgement was reserved and on 15 August 2014 the case was referred to Europe. [15] [16]

In October 2016, the US bank Cerberus Capital Management bought the UK loan book. [17]

In July 2022, Permanent TSB received approval to acquire a €7.6 billion Ulster Bank loan book by the Competition & Consumer Protection Commission , along with 25 branch properties. Former competitor, Ulster Bank had announced its withdrawal of services from the Republic of Ireland in February 2021. [18]

In June 2023, the Irish Government and NatWest Group each sold 5% stakes in the bank leaving them with 57.4% and 11.7% share respectively. [19]

In October 2023, Permanent TSB launched an overhaul of its brand and business, rebranding to PTSB, following its acquisition of a large portion of Ulster Bank which was withdrawing from the Republic of Ireland. [20]

See also

Related Research Articles

<span class="mw-page-title-main">Halifax (bank)</span> British bank

Halifax is a British banking brand operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group.

<span class="mw-page-title-main">Bank of Ireland</span> Irish commercial bank

Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Governor and Company of the Bank of Ireland, the ancient institution established by royal charter in 1783.

The Abbey National Building Society was formed in 1944 by the merger of the Abbey Road and the National building societies.

<span class="mw-page-title-main">Lloyds Bank</span> British retail and commercial bank

Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an extensive network of branches and ATMs in England and Wales and offers 24-hour telephone and online banking services.

<span class="mw-page-title-main">Trustee Savings Bank</span> British financial institution

The Trustee Savings Bank (TSB) was a British financial institution that operated between 1810 and 1995 when it was merged with Lloyds Bank. Trustee savings banks originated to accept savings deposits from those with moderate means. Their shares were not traded on the stock market but, unlike mutually held building societies, depositors had no voting rights; nor did they have the power to direct the financial and managerial goals of the organisation. Directors were appointed as trustees on a voluntary basis. The first trustee savings bank was established by Rev. Henry Duncan of Ruthwell in Dumfriesshire for his poorest parishioners in 1810, with its sole purpose being to serve the local people in the community. Between 1970 and 1985, the various trustee savings banks in the United Kingdom were amalgamated into a single institution named TSB Group plc, which was floated on the London Stock Exchange. In 1995, the TSB merged with Lloyds Bank to form Lloyds TSB, at that point the largest bank in the UK by market share and the second-largest by market capitalisation.

<span class="mw-page-title-main">Anglo Irish Bank</span> Former Irish based bank

Anglo Irish Bank was an Irish bank headquartered in Dublin from 1964 to 2011. It began to wind down after nationalisation in 2009. In July 2011 Anglo Irish merged with the Irish Nationwide Building Society, forming a new company named the Irish Bank Resolution Corporation. Michael Noonan, the Minister for Finance stated that the name change was important in order to remove "the negative international references associated with the appalling failings of both institutions and their previous managements".

<span class="mw-page-title-main">Ulster Bank</span> Irish commercial bank

Ulster Bank is a large retail bank, and one of the traditional Big Four Irish clearing banks. The Ulster Bank Group was subdivided into two separate legal entities: National Westminster Bank Plc, trading as Ulster Bank ; and, until April 2023, Ulster Bank Ireland DAC. Prior to the closure of Ulster Bank in the Republic of Ireland in April 2023, the headquarters of Ulster Bank in the Republic of Ireland were located on George's Quay, Dublin, whilst the headquarters of Ulster Bank Northern Ireland are in Donegall Square East, Belfast, and it maintains a large sector of the financial services in both the UK and the Republic of Ireland.

Bank of Scotland (Ireland) Limited was a wholly owned subsidiary of the Bank of Scotland, which later became part of Lloyds Banking Group. It offered commercial and corporate banking services under the Bank of Scotland brand and retail banking services under the Halifax brand. From 10 February 2010 the bank no longer accepted new business and it ceased to operate as a licensed bank on 31 December 2010. The assets of the bank were merged into Bank of Scotland plc.

<span class="mw-page-title-main">Allied Irish Banks</span> One of the four main commercial banks in Ireland, operating in multiple market segments

Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in the Republic of Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life insurance and pensions through its tied agency with Irish Life Assurance plc.

A Publicly-owned company is the name given in Ireland to a state-owned enterprise, that is to say, a commercial business which is beneficially owned, either completely or majority, by the Irish Government. Each state-sponsored body has a sponsor Minister who acts as shareholder, either independently, or in conjunction with the Minister for Finance, who may also be a shareholder. State-sponsored bodies are often popularly called semi-state companies, a misnomer, since they are all (mostly) fully owned by the state, in addition not all of them are actually companies.

First Active was an Irish bank, and former building society which was merged into Ulster Bank in late 2009, ceasing trading in February 2010. It traditionally offered a range of mortgages, savings, investment, pension and life assurance products, but from 2007 onwards, also offered credit cards, ATM accounts and current accounts as well as online banking and Laser/Maestro debit cards.

Irish Nationwide Building Society was a financial institution in Ireland from 1873 to 2011. One of the country's oldest financial institutions, it was originally called the Irish Industrial Building Society; it changed its name in 1975 when it had just five staff. It ceased to exist when its assets, liabilities and branch network were transferred to Anglo Irish Bank.

Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America, Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada, which owns 72% of Great-West Lifeco. The hyphen in the company's name was originally a typesetter's error.

<span class="mw-page-title-main">HBOS</span> United Kingdom banking and insurance company

HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division.

<span class="mw-page-title-main">Lloyds Banking Group</span> British financial institution

Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695.

<span class="mw-page-title-main">Cheltenham & Gloucester</span>

Cheltenham & Gloucester plc (C&G) was a mortgage and savings provider in the United Kingdom, a subsidiary of Lloyds Banking Group. C&G specialised in mortgages and savings products. Previously, C&G was a building society, the Cheltenham and Gloucester Building Society. Its headquarters were in Barnwood, Gloucester, Gloucestershire, England. C&G was closed to new mortgage and savings business on 9 September 2013.

<span class="mw-page-title-main">TSB Bank (United Kingdom)</span> British retail bank

TSB Bank plc is a British retail and commercial bank in Edinburgh, Scotland. It has been a subsidiary of Sabadell Group since 2015.

<span class="mw-page-title-main">Irish Life</span>

Irish Life Assurance plc, commonly known as Irish Life, is an Irish life assurance and pensions company. Irish Life has been part of the Great-West Lifeco group of companies since 2013, when the Irish Government sold the business. Prior to 2012, Irish Life was part of Permanent TSB.

<span class="mw-page-title-main">Cork Savings Bank</span> 19th century neoclassical bank in Cork, Ireland

Cork Savings Bank is a nineteenth century neoclassical building on Lapp's Quay in Cork city, Ireland. A purpose-built bank, it was completed in 1842 and is currently in use by University College Cork as their so-called "Centre for Executive Education".

References

  1. 1 2 3 "Annual report 2021" (PDF). Permanent TSB. Retrieved 14 March 2023.
  2. 1 2 3 4 5 6 7 8 9 10 "Group History" . Retrieved 29 January 2016.
  3. 1 2 3 4 5 Cummings, David (2007). Handbook of International Insurance: Between Global Dynamics and Local Contingencies. Springer. p. 573. ISBN   978-0387341620.
  4. ↑ "Government buys Irish Life for €1.3 billion". RTÉ. 29 March 2012. Retrieved 29 January 2016.
  5. ↑ "How the Farrell dynasty built up the Irish Permanent". Independent.ie. Retrieved 29 January 2016.
  6. ↑ "Seanad Éireann - 23/Jun/1965 Trustee Savings Bank Bill, 1965: Second and Subsequent Stages" . Retrieved 29 January 2016.
  7. ↑ "Takeover of TSB Bank now formally completed". Irish Times. 21 April 2001. Retrieved 13 April 2022.
  8. ↑ "Great-West Lifeco completes acquisition of Irish Life" (PDF). www.irishlifegroup.ie. Irish Life Group. Archived from the original (PDF) on 14 July 2014. Retrieved 18 July 2013.
  9. ↑ "No new matters allowed in PTSB recapitalisation challenge". The Independent. 21 February 2013. Retrieved 28 January 2016.
  10. ↑ "PTSB chooses Eamonn Crowley as next CEO". Irish Times . 26 June 2020. Retrieved 28 June 2020.
  11. ↑ "Banks need fresh €24 billion – Central Bank". RTÉ News. 31 March 2011. Archived from the original on 3 April 2011. Retrieved 31 March 2011.
  12. ↑ Skoczylas, Piotr. "ptsb Bank does NOT NEED anywhere close to €4bn extra capital". Website for Shareholders of Irish Life & Permanent Group Holdings plc (IL&P). Scotchstone Capital Fund. Retrieved 31 August 2011.
  13. ↑ "Sweden's SEB Life buys Irish Life International for €26m". The Irish Times. 24 February 2011. Retrieved 29 January 2016.
  14. ↑ "PTSB shareholders take on minister". Irish Examiner. 20 January 2014. Retrieved 20 January 2014.
  15. ↑ Hosford, Paul (15 August 2014). "Was it legal? High Court refers PTSB bail-out case to Europe". The Journal. Archived from the original on 17 August 2014. Retrieved 16 August 2014.
  16. ↑ Managh, Ray (15 August 2014). "Judge to seek EU ruling on bank shareholders' challenge". Irish Examiner. Retrieved 16 August 2014.
  17. ↑ "PTSB completes sale of UK loan book to Cerberus". RTE. 27 October 2016. Retrieved 2 November 2016.
  18. ↑ "PTSB gets go-ahead to acquire €7.6bn Ulster Bank loan portfolio". Irish Times. Retrieved 28 September 2022.
  19. ↑ "State raises €55.2m from Permanent TSB share disposal". Business Plus . 2 June 2023. Retrieved 2 June 2023.
  20. ↑ Goodbody, Will (14 October 2023). "Permanent TSB to rebrand to PTSB". RTÉ News . Retrieved 14 October 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.