When Ulster Bank announced it was leaving Ireland in February, all eyes turned to Permanent TSB. PTSB was seen as the obvious beneficiary of the departure of Ulster Bank. If PTSB could absorb a chunk of Ulster Bank’s business, it could get big enough to compete with the big two (and attract private investment, opening the door to a sale of the government’s 75 per cent stake). PTSB’s share price jumped 20 per cent when Ulster Bank announced it was pulling out and looking to sell its loans to a full-service bank. But a key part of the strategy –…

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