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As you may already know, KBCI has begun a gradual transition to leave the Irish Market and has entered into a binding agreement with Bank of Ireland whereby they would acquire the majority of KBC Bank Ireland’s loan assets and deposits.
On 24 May 2022 this Binding Agreement received approval from the Competition and Consumer Protection Commission. This Agreement is still subject to ministerial approval.
Your KBC Business Deposit Account including Client Demand Deposit Accounts will be moving to Bank of Ireland.
You do not need to do anything right now. We will write to you again with more information and next steps.
In the meantime, we’re here to help with any queries about your Business Deposit Account and/or your Client Demand Deposit Account.
Should we receive ministerial approval, KBC will send you a letter within the next few weeks with more details about what’s happening to your Business Deposit Account and/or your Client Demand Deposit Account.
You will get plenty of notice (at least 90 days) of your Business Deposit Account and/or your Client Demand Deposit Account transferring to Bank of Ireland.
In the future, should we receive ministerial approval, Bank of Ireland will write to you as well with important information.
Your Business Deposit rate and notice period, if any, will not change on the date of transfer of your Business Deposit Account to Bank of Ireland.
Any future changes made by Bank of Ireland to the interest rate or terms of your Business Deposit Account must be in line with all regulatory and contractual obligations, including providing you with sufficient notice of any changes.
The Deposit Guarantee Scheme (DGS) guarantees your eligible deposits up to the €100,000 per financial institution.
Following the transfer, if your total balance on deposit with Bank of Ireland exceeds €100,000 (including any funds held in a BOI current account), amounts above €100,000 will no longer be covered. If you are impacted and have concerns, please contact us to discuss your options.
You don’t need to take any action at this time. We will write to you again with more information and next steps.
Make sure your contact details are correct and up to date so we can keep you informed, and Bank of Ireland can contact you directly about the transfer of your Business Deposit account.