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MarketScreener Homepage  >  Equities  >  Irish Stock Exchange  >  Permanent TSB Group Holdings plc    IL0A   IE00BWB8X525

PERMANENT TSB GROUP HOLDINGS PLC

(IL0A)
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Permanent TSB : Sells Portfolio of Accounts to Citi for EUR1.2 Billion

10/27/2020 | 03:07am EST

By Joe Hoppe

Permanent TSB Group Holdings PLC said Tuesday that it has agreed to sell a portfolio of performing property loan accounts to a U.K. branch of Citigroup Inc, for around 1.2 billion euros ($1.42 billion) on completion.

The Dublin-listed lender said the portfolio, a pool of 3,700 buy-to-let loan accounts linked to around 3,400 borrowing relationships, had a gross balance sheet value of EUR1.4 billion, and a net book value of EUR1.2 billion. In 2019, it generated gross interest income of around EUR15 million and an operating profit of around EUR2 million.

All loans originated as loans secured on buy-to-let properties, largely consist of interest-only repayment terms, have an average balance of around EUR375,000 and an average remaining term of 10 years. The portfolio will continue to be serviced by Permanent TSB for six months, before transferring the title. After completion, Citibank NA London will syndicate the portfolio via securitization.

"This transaction will increase the Bank's transitional Total Capital Ratio by 2.1%, strengthen the balance sheet and provide us with resources to compete in our core markets of personal mortgages, personal lending and SME lending," said Chief Executive Eamonn Crowley.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

10-27-20 0406ET

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -0.68% 56.67 Delayed Quote.-29.07%
PERMANENT TSB GROUP HOLDINGS PLC 7.93% 0.626 Delayed Quote.-45.18%
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More news
Financials
Sales 2020 372 M 445 M 445 M
Net income 2020 -98,9 M -118 M -118 M
Net Debt 2020 - - -
P/E ratio 2020 -3,49x
Yield 2020 -
Capitalization 285 M 340 M 341 M
Capi. / Sales 2020 0,77x
Capi. / Sales 2021 0,77x
Nbr of Employees 2 465
Free-Float 25,1%
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Technical analysis trends PERMANENT TSB GROUP HOLDINGS PLC
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 5
Average target price 0,55 €
Last Close Price 0,63 €
Spread / Highest target 11,8%
Spread / Average Target -12,1%
Spread / Lowest Target -20,1%
EPS Revisions
Managers
NameTitle
Eamonn Crowley Chief Executive Officer & Executive Director
Robert James Elliot Chairman
Shane O'Sullivan Group Operations Director
Paul McCann Chief Financial Officer
Tom Hayes Chief Technology Officer