Irish Life & Permanent
 |
|
| Public company | |
| Traded as | : IL0A |
| Industry | Financial services |
| Founded | 1884 |
| Headquarters | Dublin, Ireland |
|
Key people
|
Jeremy Masding (CEO) Alan Cook (Chairman of the Board) |
| Products | banking, asset management |
| Revenue | €694 million (2015) |
| € (399) million (2015) | |
| € (425) million(2015) | |
| Website | www.permanenttsbgroup.ie |
Permanent TSB Group Holdings plc, formerly Irish Life and Permanent plc (Irish: Cuideachta Bheatha na hÉireann) is a provider of personal financial services in Ireland.
The bank is historically derived from three different companies:
Irish Life was a life assurance company created in 1939 with state assistance and concentrated on life assurance and investment products.
were amalgamated.
Later some British companies shed their Irish operations, and merged them into this new company. They were:
Shares in the business were finally sold to the public in July 1991. In 1965 Irish Life entered the UK market and competed against its former parent, initially under its own name.
In 1999, Irish Life Assurance plc and the Irish Permanent Building Society merged to form the Irish Life and Permanent Group. In March 2012, Irish Life Assurance was sold to the Irish State for €1.3 billion as part of a bank recapitalisation program following the Irish financial crisis.
Permanent TSB, previously the Irish Permanent Building Society, was founded as The Irish Temperance Permanent Benefit Building Society which was founded in 1884. 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.
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.
In 1994 the Irish private banking operation of Guinness & Mahon was acquired.
In 1996 Capital Home Loans a UK mortgage lender was acquired.
It was a mutual organisation, jointly owned by those saving and borrowing. It demutualised to form a plc on 21 September 1994. Irish Permanent was a predominantly personal banking and mortgage company which currently does business in the name of permanent tsb because of the 2001 acquisition of the Irish Trustee Savings Bank from the Government of Ireland.
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Wikipedia