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"2021 was a transformational year for Permanent TSB as the Bank signed a legally binding agreement with NatWest Group Plc and Ulster Bank DAC to acquire approximately €7.6 billion of the Ulster Bank Retail, SME and Asset Finance business in the Republic of Ireland. Coupled with positive organic growth, this once in a generation opportunity will enable the Bank to grow its mortgage book by over 40%, triple its SME business relative to today, increase its Branch network by c. 30%, and welcome circa 450 new colleagues to the Bank. We are also preparing to welcome Ulster Bank deposit and current account customers who will need a new provider with an attractive offering, a strong community and customer ethos, and a nationwide branch network that is growing.

The fundamentals of our business remain robust, delivering a strong business performance in 2021 with mortgage market share growing to 17.8% and SME lending continuing to increase. As our economy recovers, and the trend towards digital services accelerates, we are investing to deliver long term value in the Bank and drive sustainable growth. We will do this by being a Purpose led organisation that focuses on meeting the needs of our customers now and into the future.

I’m delighted to have announced the Bank’s new Sustainability Strategy during 2021. This is designed to align the Bank’s activities with the requirements of customers, colleagues and shareholders to serve communities in a more sustainable way, while playing a stronger role in addressing climate change and supporting the green transition. We have been making significant progress on our Sustainability journey over the last number of years. Highlights include accreditation to the ‘Business Working Responsibly Mark’; committing €350,000 to O’Cualann Co-housing Alliance to support the development of affordable homes; winner in the Employee Empowerment and Trust category at the 2021 CIPD Awards; and adding our signature to the Task Force on Climate-Related Financial Disclosures."

- Eamonn Crowley, Chief Executive

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