But eventually, all performing loans, deposits and mortgages will be moved over to Bank of Ireland. When there are further updates KBC will write to customers with any additional information and support they may require. In short yes, but this isn’t something KBC customers should be concerned with right now. KBC’s branches (of which it has 12) will also remain open for customers for now but will likely close closer to the time of the bank’s exit.Īdditionally, the bank said all customers will continue to be afforded all legal and regulatory protections under the law.
![kbc ireland kbc ireland](https://i.ytimg.com/vi/8I4bbNpwYbY/maxresdefault.jpg)
It will however pause the acceptance of new applications for PRSAs, investments, personal and business overdrafts and business credit cards. It also said, should customers wish to apply for any of its retail banking products ( current account, mortgage, deposit, personal loan / credit card ) or insurance products (life, home and car insurance) it remains open for business as usual. KBC Bank Ireland said its customers do not need to take any immediate action as a result of today's news as the sale remains subject to all the relevant regulatory approvals. In a statement released by the bank, it announced a number of important things for existing KBC customers.
![kbc ireland kbc ireland](https://img.rasset.ie/00073735-1600.jpg)
We remain committed to managing this process responsibly over the coming period. Yet, I’m confident that together with Bank of Ireland Group our customers will be provided with a good home, whilst continuing to enjoy the same legal and regulatory protections. The transaction remains subject to regulatory approvals. Today’s agreement with Bank of Ireland Group regarding the sale to Bank of Ireland Group of substantially all of the performing loan assets and deposits of KBC Bank Ireland and a small portfolio of non-performing mortgages represents an important step in KBC Group’s withdrawal from the Irish market. However, the deal remains subject to regulatory approvals, including from the Irish Competition and Consumer Protection Commission (CCPC).Īnnouncing the agreement, KBC Group CEO, Johan Thijs, said:
![kbc ireland kbc ireland](https://www.pdffiller.com/preview/39/621/39621605.png)
€300m of non-performing loans from KBC Bank Ireland.€100m worth of performing commercial and consumer loans.All KBC’s performing loans & deposit book.In a surprise to most consumers KBC Bank Ireland announced in April that it was considering leaving the Irish market and was in talks with Bank of Ireland about the sale of its performing loans and liabilities.īank of Ireland has now agreed on a deal with the Belgian Bank in a sale that’s worth approximately €5 billion. The sale, which includes KBC’s existing mortgage loan book, is worth about €5 billion. It’s not a particularly good outlook for banking customers here in Ireland, especially considering both Ulster Bank and KBC are planing to leave the country here soon.īack in July Ulster Bank agreed to sell its mortgages to Permanent TSB ahead of the long-time financial institution closing up shop here.Īnd now it’s KBC’s turn, with the bank finally agreeing a deal with none other than Bank of Ireland to take control of its performing loan assets and liabilities.