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TSB splits three ways

Permanent TSB plans to create three strands of banking to boost lending levels by up to nine times this year.

Chairman Alan Cook said the company is competing again for mortgage business, car loans, educational loans and current accounts.

"Our strategy is now settled and clear. It is about creating three distinct businesses," said Mr Cook.

"The first will be a viable, efficient and profitable bank – Permanent tsb – that can lend money, service its customers' needs and compete with the larger banks in Ireland.

"We have also created the Asset Management Unit, for our challenging loans in Ireland, and a Non-Core Unit."