Business Irish

Wednesday 18 September 2019

PTSB 'planning branch closures' in new year

Permanent TSB is in the initial planning stages of a branch closure programme for the new year, the Sunday Independent understands.. Photo: Brian Lawless/PA
Permanent TSB is in the initial planning stages of a branch closure programme for the new year, the Sunday Independent understands.. Photo: Brian Lawless/PA

Michael Cogley

Permanent TSB is in the initial planning stages of a branch closure programme for the new year, the Sunday Independent understands.

The bank is looking at closing several of its 79 current branches, sources said. Last month, Permanent TSB's chief executive Jeremy Masding described the bank's efficiency as a "key battleground". A continuing low-interest-rate forecast has posed significant challenges to the cost side of the country's banks.

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In a statement, a spokesman for Permanent TSB said there were "currently" no plans to reduce the size of its branch network. "Indeed, we have an investment programme for our branch network under way to ensure that we can respond to customer needs via both branch and digital channels, including a new branch in Omni Shopping Centre, and we are currently investing in key locations, including Tallaght, Castlebar and Cork," the spokesman said.

Following the company's interim results in July, Masding appealed for time to give it his best shot at growing the bank.

It has long been speculated that PTSB's future will be as part of a merged entity, with Ulster Bank seen as its most likely match.

A report by Davy said that a merger could increase profitability of the two lenders by almost 50pc.

Sunday Indo Business

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