TSB acquires a new book
TSB buys Rock deposits
BAILED-out Permanent TSB has acquired the Irish deposit book of British lender Northern Rock, worth over €650m.
The Northern Rock deal comes six months after Permanent TSB acquired €3.6bn in deposits from Irish Nationwide Building Society in an attempt to lower its loan-to-deposit ratio, which is the highest in the industry.
Permanent TSB, the banking arm of Irish Life and Permanent, which has been effectively nationalised in the face of a €4bn capital hole, did not detail the cost of the acquisition.