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TSB seals €50m sale

PERMANENT TSB Bank's agricultural leasing portfolio has been sold to a subsidiary of Rabobank.

De Lage Landen has bought the portfolio, worth in excess of €50m.

De Lage Landen specialises in agricultural and other machine leasing and said that it will use the acquisition to expand its presence in the Irish agricultural market.

Some of the Permanent TSB staff working on the portfolio will transfer with leasing business.

Permanent TSB is wholly controlled by the State.