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