Editing Permanent TSB (section)

===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>