Any new owner of PTSB needs to provide clarity on job security, branch network, and customer service – says FSU

Minister for Finance should rule out private equity as a potential buyer.

The Financial Services Union (FSU) has expressed concern about the announcement today by PTSB of a formal sales process for the bank and called for clarity on job security, the future of the branch network and the continuation of professional customer service.

The FSU has also called on the Minister for Finance to rule out private equity as a potential buyer.

PTSB announced earlier this morning that it was inviting potential interested buyers to participate in a confidential and structured process which, if successful, may result in a new owner for PTSB.

Commenting on the announcement John O’Connell, General Secretary of the FSU said:

“This morning’s announcement is not a surprise given recent developments in the Irish retail banking market. Last December PTSB announced a voluntary redundancy program resulting in 300 staff exiting the bank. This was the bank laying the groundwork for today’s announcement. When the Government divested itself of its shareholding in Bank of Ireland and AIB it was sending a clear message to potential buyers that PTSB would be next.

The FSU have been assured there will be no material changes to roles and structure throughout the bidding process. This is to be welcomed but it also raises concerns about the commitment of any potential buyer to retaining existing staff, to retaining the current branch network and to positioning the bank to be a serious challenger to the two pillar banks.

At this stage in the process the Minister for Finance should completely rule out the media speculation that private equity could purchase the bank.

We are liaising with bank management and requesting the Minister for Finance to ensure protections for staff, customers and business are in place before any sale is agreed.”

ENDS