Unions at PTSB have warned the Government not to entertain an approach from private equity suitors for the bank which put itself up for sale on Thursday.
Following a meeting with bank executives, they said the focus should be on finding a buyer that could make the bank a serious rival to Bank of Ireland and AIB, the pillar banks.
Trade unions Unite, Mandate and the Financial Services Union (FSU) were briefed on Friday senior PTSB management on the thinking behind the decision to put the lender on the market, and the implications it will have for staff.
Speaking after the meeting, FSU general secretary John O’Connell, said: “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.
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“We call on the Minister for Finance to rule out private equity as a potential buyer.”
Private equity groups are expected to be among the potential buyers for the State’s third largest bank over the coming weeks.
Unite regional officer, Jean O’Dowd said staff would 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,” she said.
The unions said they had sought commitments on job security, retention of the existing branch network and a profit share scheme for all employees irrespective of their position in the bank.
Mandate divisional organiser, John O’Donnell said unions would work to ensure that staff job security “remains at forefront of our agenda”.
Mr O’Connell welcomed assurances from PTSB that the formal sales process would not cause any material changes to roles and structures during the process.
“We require a commitment from any potential owner on future job security and to the retention of the current branch network,” he said.
The trade unions noted that they are the only external stakeholder body with a legal right to give an opinion as part of the formal notification to shareholders if an offer is made for the bank as part of the formal sales process.
