Editing Permanent TSB (section)

==History==
The bank is historically derived from three different companies:
* Irish Life Assurance
* Irish Permanent Building Society <!-- Irish Permanent converted into a plc on 21 September 1994. -->
* Trustee Savings Bank (no relation to the British bank of the same name)

Irish Life Assurance plc (founded 1939) and the Irish Permanent Building Society (founded 1884) merged to form the Irish Life and Permanent Group in 1999 and the merged entity acquired the Trustee Savings Bank (founded 1816) in 2001.<ref name=history/>

===Irish Life Assurance===
Irish Life was a [[life assurance]] company created in 1939 with state assistance and concentrated on [[life assurance]] and investment products.<ref name=life>{{cite book|url=https://books.google.com/books?id=VjHbtzEKBtIC&q=Irish+Life+Assurance+1939&pg=PA573|title=Handbook of International Insurance: Between Global Dynamics and Local Contingencies |first=David|last=Cummings|year=2007|publisher=Springer|page=573|isbn= 978-0387341620}}</ref>

* The City of Dublin Assurance Company
* the Irish Life and General Assurance Company
* the Irish National Assurance Company
* the Munster and Leinster Assurance Company
were amalgamated.<ref name=life/>

Later some British companies shed their Irish operations, and merged them into this new company. They were:<ref name=life/>

* the [[Prudential plc|Prudential]]
* the [[Resolution plc|Britannic]]
* the [[Liverpool Victoria|Liverpool Victoria Friendly Society]]
* the [[Phoenix Group (company)|Pearl]]
* the [[Refuge Assurance Company|Refuge]]

Shares in the business were sold to the public in July 1991.<ref name=life/> In 1965 Irish Life entered the UK market and competed against its former parent, initially under its own name.<ref name=life/>

In 1999, Irish Life Assurance plc and the Irish Permanent Building Society merged to form the Irish Life and Permanent Group.<ref name=history/> In March 2012, Irish Life Assurance was sold to the Irish State for €1.3 billion as part of a bank recapitalisation programme following the [[Post-2008 Irish economic downturn|Irish financial crisis]].<ref>{{cite news|title=Government buys Irish Life for €1.3 billion|url=http://www.rte.ie/news/business/2012/0328/315373-government-buys-irish-life-for-1-3-billion/|publisher=RTÉ|date=29 March 2012|access-date=29 January 2016}}</ref>

===Irish Permanent Building Society===
Permanent TSB, previously the Irish Permanent Building Society, was founded as The Irish Temperance Permanent Benefit Building Society which was founded in 1884.<ref name=history>{{cite web|url=http://www.permanenttsbgroup.ie/about-us/group-history.aspx|title=Group History|access-date=29 January 2016}}</ref> In 1940 under new managing director Edmund Farrell its name was changed to Irish Permanent Building Society. Farrell, and later his son, Edmund Farrell Jnr managed the building society until about 1990.<ref>{{cite web|url=http://www.independent.ie/business/how-the-farrell-dynasty-built-up-the-irish-permanent-26202299.html|title=How the Farrell dynasty built up the Irish Permanent|work=Irish Independent|access-date=29 January 2016}}</ref>

In 1992 Irish Permanent Finance, specialising in auto finance, was established. In 1992 branch operations were opened in London and Belfast. In 1992 a Banking subsidiary established in the [[Isle of Man]].<ref name=history/>

In 1994 the Irish private banking operation of Guinness & Mahon was acquired. In 1996 Capital Home Loans, a UK mortgage lender, was acquired.<ref name=history/>

It was a [[mutual organisation]], jointly owned by those saving and borrowing. It [[demutualised]] to form a [[public limited company|plc]] on 21 September 1994. Irish Permanent was a predominantly personal banking and mortgage company.

In 1999, Irish Life Assurance plc and the Irish Permanent Building Society merged to form the Irish Life and Permanent Group.<ref name=history/>

===Trustee Savings Bank===
The origins of the TSB Bank date back to 1816 when the first Irish [[Savings and loan association|Savings Bank]] was established in [[Waterford]].<ref>{{cite web|url=http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/seanad1965062300010?opendocument|title=Seanad Éireann - 23/Jun/1965 Trustee Savings Bank Bill, 1965: Second and Subsequent Stages.|access-date=29 January 2016}}</ref> Shortly afterwards, savings banks were established in [[Cork (city)|Cork]], Dublin, [[Monaghan]] and Limerick.

The Dublin and [[Monaghan]] banks merged in 1977, followed by the amalgamation of the Cork and [[Limerick]] banks in 1986.

In 1988, [[Waterford]] was incorporated into the Dublin bank and finally, in 1992, Cork and [[Limerick]] [[Savings and loan association|Savings Bank]] amalgamated with Trustee Savings Bank Dublin, to form '''TSB Bank'''. It was purchased by Irish Life and Permanent from the [[Government of Ireland]] in 2001.<ref name=history/>

===Permanent TSB===

In 2001, Irish Life and Permanent Group acquired the Irish [[Trustee Savings Bank]] from the [[Government of Ireland]], and rebranded as Permanent TSB.<ref name=history/><ref>{{cite news|url=https://www.irishtimes.com/business/takeover-of-tsb-bank-now-formally-completed-1.303820|title=Takeover of TSB Bank now formally completed|date=21 April 2001|newspaper=The Irish Times|access-date=13 April 2022}}</ref>

During the [[Post-2008 Irish banking crisis|Irish banking crisis]] the group was split. The profitable [[Irish Life Assurance plc|Irish Life Group]] was purchased by the government for €1.3 billion, and subsequently sold to [[Great-West Lifeco|Great-west Lifeco]] in July 2013.<ref>{{cite web|title=Great-West Lifeco completes acquisition of Irish Life |url=http://www.irishlifegroup.ie/~/media/Files/I/Irish-Life-Group/press-release/Great-West-Lifeco-completes-acquistion-July-18-2013.pdf |website=irishlifegroup.ie |publisher=Irish Life Group |access-date=2013-07-18 |url-status=dead |archive-url=https://web.archive.org/web/20140714163856/http://www.irishlifegroup.ie/~/media/Files/I/Irish-Life-Group/press-release/Great-West-Lifeco-completes-acquistion-July-18-2013.pdf |archive-date=14 July 2014 }}</ref> The bank received a further €2.7 billion of capital from the Irish State,<ref>{{cite news|title=No new matters allowed in PTSB recapitalisation challenge |url=http://www.independent.ie/irish-news/courts/no-new-matters-allowed-in-ptsb-recapitalisation-challenge-29086594.html|work=The Independent|date=21 February 2013|access-date=28 January 2016}}</ref> bringing it into majority state ownership.<ref name=history/>

The bank has over one million customers in Ireland. The chief executive of Permanent TSB is Eamonn Crowley, who succeeded Jeremy Masding in that capacity in June 2020.<ref>{{cite news|url=https://www.independent.ie/business/irish/permanent-tsb-confirms-crowley-appointment-as-chief-executive-39304568.html |title= PTSB chooses Eamonn Crowley as next CEO|newspaper=[[The Irish Times]]|access-date=28 June 2020|date=26 June 2020}}</ref>

In March 2011 during the [[2008–2011 Irish banking crisis|Irish banking crisis]] the bank was said to be in need of an external €4.0 billion [[bailout]].<ref>{{cite news|url=http://www.rte.ie/news/2011/0331/banks-business.html |title=Banks need fresh €24 billion – Central Bank |date=31 March 2011 |publisher=RTÉ News |access-date=31 March 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110403015255/http://www.rte.ie/news/2011/0331/banks-business.html |archive-date= 3 April 2011 }}</ref><ref>{{cite web|last=Skoczylas|first=Piotr|title=ptsb Bank does NOT NEED anywhere close to €4bn extra capital|work=Website for Shareholders of Irish Life & Permanent Group Holdings plc (IL&P)|publisher=Scotchstone Capital Fund|access-date=31 August 2011|url=http://www.ilpshareholders.com/}}</ref>

In February 2011 SEB (Skandinaviska Enskilda Banken AB) acquired Irish Life International Ltd (ILI), so it now operates under the corporate name Life International Assurance Company Limited.<ref>{{cite news|url=http://www.irishtimes.com/business/financial-services/sweden-s-seb-life-buys-irish-life-international-for-26m-1.580462|title=Sweden's SEB Life buys Irish Life International for €26m|date=24 February 2011|newspaper=The Irish Times|access-date=29 January 2016}}</ref>

On 19 February 2013, [[Great-West Lifeco|Great-West Lifeco of Canada]] announced its acquisition of the Irish Life Group for €1.3 billion.  This was disputed by the shareholders. The Supreme Court rejecting the shareholders' application to delay the sale, pending the hearing of their challenge of the sale.  This was heard on 21 January 2014,<ref>{{cite news|title=PTSB shareholders take on minister|url=http://www.irishexaminer.com/business/ptsb-shareholders-take-on-minister-255807.html|access-date=20 January 2014|newspaper=Irish Examiner|date=20 January 2014}}</ref> and concluded on 13 February 2014. Judgement was reserved and on 15 August 2014 the case was referred to Europe.<ref>{{cite news|last1=Hosford|first1=Paul|title=Was it legal? High Court refers PTSB bail-out case to Europe|url=http://news.ie.msn.com/business/was-it-legal-high-court-refers-ptsb-bail-out-case-to-europe-1|access-date=16 August 2014|publisher=The Journal|date=15 August 2014|archive-url=https://web.archive.org/web/20140817215543/http://news.ie.msn.com/business/was-it-legal-high-court-refers-ptsb-bail-out-case-to-europe-1|archive-date=17 August 2014|url-status=dead}}</ref><ref>{{cite news|last1=Managh|first1=Ray|title=Judge to seek EU ruling on bank shareholders' challenge|url=http://www.irishexaminer.com/business/judge-to-seek-eu-ruling-on-bank-shareholders-challenge-281852.html|access-date=16 August 2014|publisher=Irish Examiner|date=15 August 2014}}</ref>

In October 2016, the US bank [[Cerberus Capital Management]] bought the UK loan book.<ref>{{cite web|url=https://www.rte.ie/news/business/2016/1027/827226-permanent-tsb-uk-loan-book/|title=PTSB completes sale of UK loan book to Cerberus|date=27 October 2016 |publisher=RTÉ|access-date=2 November 2016}}</ref>

In July 2022, Permanent TSB received approval to acquire a €7.6 billion [[Ulster Bank]] loan book by the [[Competition & Consumer Protection Commission]], along with 25 branch properties. Former competitor, Ulster Bank had announced its withdrawal of services from the Republic of Ireland in February 2021.<ref>{{cite news|url=https://www.irishtimes.com/business/2022/07/22/ptsb-gets-green-light-to-acquire-ulster-bank-portfolio-of-assets/|title=PTSB gets go-ahead to acquire €7.6bn Ulster Bank loan portfolio|newspaper=The Irish Times|access-date=28 September 2022}}</ref>

In June 2023, the Irish Government and [[NatWest Group]] each sold 5% stakes in the bank leaving them with 57.4% and 11.7% share respectively.<ref>{{cite web |title=State raises €55.2m from Permanent TSB share disposal |url=https://businessplus.ie/news/permanent-tsb-share-disposal/|website=[[Business Plus (magazine)|Business Plus]]|access-date=2 June 2023 |date=2 June 2023}}</ref>

In October 2023, Permanent TSB launched an overhaul of its brand and business, rebranding to PTSB, following its acquisition of a large portion of [[Ulster Bank]] which was withdrawing from the Republic of Ireland.<ref>{{cite news|url= https://www.rte.ie/news/business/2023/1014/1410800-permanent-tsb-to-rebrand-to-ptsb/|title= Permanent TSB to rebrand to PTSB|publisher=[[RTÉ News]]|first=Will|last=Goodbody|date=14 October 2023|accessdate=14 October 2023}}</ref>