PTSB GROUP OF UNIONS MAKE POSITION CLEAR ON JOB SECURITY AND PROFIT SHARE

Friday 31 October 2025

Following the announcement to the Stock market yesterday, the PTSB Group of Unions (Unite, Mandate, FSU) attended a briefing with Senior Management of the bank.

Management outlined the background around the decision to enter the formal process, and we discussed the implications that this will have on our members. 

It is important to note that the Group of Unions is the only external stakeholder body that has a legal right to provide an opinion which forms part of the formal notification to shareholders if an offer is made for the Bank as part of the formal sales process.

We emphasised the importance of early engagement with the Unions as keystakeholders in the Bank and as our members voice in the process. 

We have sought commitments to Job Security, to the Branch network and the introduction of a comprehensive and equal profit share scheme for all employees irrespective of their position in the Bank.

Since May 2025, we have new protocols agreed for engagement with Management on all matters that impact on our members work. 

Consultation and negotiation will continue to apply as regards large scale change / day to day issues.

Unite Regional Officer, Jean O’Dowd said “It is thanks to the expertise and commitment of the workforce that PTSB finds itself in a strong position as it enters the sale process. Workers are among the bank’s key stakeholders, and they will need to be assured that any new owner will be committed to PTSB in the long-term. The focus must be not just on maximising shareholder value, but on ensuring that workers share fully in the bank’s success going forward”.

Mandate Divisional Organiser, John O’Donnell said “We will continue to ensure our members terms and conditions of employment improve regardless of this process and their job security remains at forefront of our agenda. It is through the trust our members have built with their local communities that the PTSB is in such a strong position”.

FSU General Secretary John O’Connell said: “The FSU welcomes assurances from PTSB that the formal sales process will not cause any material changes to roles and structures during the process. We require acommitment from any potential owner on future job security and to the retention of the current branch network. This is an opportunity to position PTSB as a serious challenger to the two pillar banks. This cannot be achieved by allowing private equity to purchase the bank. We call on the Minister for Finance to rule out private equity as a potential buyer.