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Important Customer Notice

KBC Bank Ireland would like to draw your attention to some important information

Date of last update: 22nd October 2021

As you may have heard in the media, on the 22nd October 2021 KBC Bank Ireland entered into a legally Binding Agreement with Bank of Ireland.  This means that an agreement has been reached where Bank Of Ireland would acquire substantially all of KBC Bank Ireland’s performing loan assets (including performing Mortgages, Commercial and Consumer Loans), Deposits and a small number of non-performing Mortgages.

You do not need to take any immediate action as a result of this announcement as the Binding Agreement remains subject to all the relevant regulatory approvals. We will communicate to you well in advance of any actual steps or changes that may be taken in respect of your products, giving plenty of notice in line with all legal and regulatory protections.

On the 30th August KBC Bank Ireland announced it will sell substantially all of its non-performing mortgage loan portfolio and a small number of non-mortgage non-performing loans. For more information please click here.

Execution of these two transactions would ultimately result in KBC Group’s withdrawal from the Irish market.

Update on service and new applications

We are open for business and continue to accept new applications for Business Current Accounts, Business Loans, Business Deposits, Professional Fees Finance and Tax and Pension Finance.

New applications for Business Overdrafts and Business Credit Cards, including applications from existing KBC customers, will be paused from 07th December 2021 and we will contact customers to provide them with at least 30 days written notice of this change.

If you are an existing customer of these products there is no immediate impact for you today and you can continue to manage and make changes to your Business Credit Card or Overdraft as normal.

All Business Credit Card and Overdraft applications that have been received by KBC since on or before the 07th December 2021 will continue to be processed as normal, should you decide to go ahead with the application.

For Personal Banking updates please click here.
 

What do you need to know right now?

We would like to reassure customers that you do not need to take any action and we are open for business. Should these circumstances change we will write to you to let you know. We will ensure you are provided with plenty of notice of any changes in line with all legal and regulatory protections.

If you have any specific queries you can speak to your dedicated business partner or you can call us on Freephone 1800 804 414  Mon - Fri, 8.00am – 6.00pm

Be Aware of Fraud 

Fraudsters may attempt to exploit the situation by claiming to be from KBC and that you need to register your details or re-register your information. If you experience any suspicious activity - text, email or phone calls - please call our customer service team.

KBC will NEVER request sensitive information like Passcodes or Online Banking details over the Phone, by Email or Text. Be aware of fraudulent callers pretending to be from KBC and calling from numbers that may look legitimate. If you receive such a call, hang up and call 1800 93 92 44 for support (7 days a week, 8am-11pm).

You can find out more about Fraud Prevention here - Fraud Prevention - KBC.

Frequently Asked Questions

To make sure you understand what this means for you we have prepared the following frequently asked questions and answers.

  • You can find more information on how to make a complaint here - Make a complaint - KBC
  • Fraudsters may attempt to exploit the situation by claiming to be KBC and that you need to register your details, or re-register your information. If you experience any suspicious activity - text, email or phone calls - please call our customer service team. Be aware of fraudulent callers pretending to be from KBC and calling from numbers that may look legitimate. KBC will NEVER request sensitive information like Passcodes or Online Banking details over the Phone, by Email or Text. If you receive such a call, hang up and call 1800 93 92 44 for support (8am-11pm 7 days a week)

    You can find out more about Fraud Prevention here - Fraud Prevention - KBC.
  • Should a Binding Agreement with Bank Of Ireland receive regulatory approval, your Business Loan will transfer to Bank of Ireland at a future date.

    However, you will continue to be afforded all the relevant legal and regulatory protections. The terms and conditions of this contract will be honoured by KBC. Should your account be transferred, your new provider may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
  • We are open for business and processing new applications for Business loans as usual. Therefore, you can continue your application with your Business Partner. If you decide to go ahead with your Business Loan application with KBC, you will continue to be afforded all the relevant legal and regulatory protections.
  • If you have received an approved Loan offer and you have signed and returned the Loan offer to KBC, this means there is a contract in place between you and KBC. The terms and conditions of this contract will be honoured by KBC.

    Should your account be transferred, your new provider may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  
    If you have not yet signed and returned your loan offer and you wish to proceed with your loan, you should review the terms of your offer letter, seek appropriate independent legal and financial advice, and ensure you accept the offer within the timeframe set out in the offer letter.

    Funds can be drawn down in line with the terms and conditions of your offer letter.  Whether your loan offer is a Strategic Banking Corporation of Ireland (SBCI) loan, or a standard business loan, terms and conditions remain the same. As always, updated financial information may be required prior to drawdown of your Loan. This is to ensure your circumstances have not changed since application.

    If you have any queries in relation to your Business Loan offer, please contact your dedicated Business Partner.
  • If you have received an approved Loan offer and you have signed and returned the Loan offer to KBC, this means there is a contract in place between you and KBC. The terms and conditions of this contract will be honoured by KBC.

    Should your account be transferred, your new provider may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  
    If you have not yet signed and returned your Loan offer and you wish to proceed with your Loan, you should review the terms of your offer letter, seek appropriate independent legal and financial advice, and ensure you accept the offer within the timeframe set out in the offer letter.

    Funds can be drawn down in line with the terms and conditions of your offer letter.  Whether your loan offer is a Strategic Banking Corporation of Ireland (SBCI) loan, or a standard Business Loan, terms and conditions remain the same. As always, updated financial information may be required prior to drawdown of your loan. This is to ensure your circumstances have not changed since application.

    if you have any queries in relation to your Business Loan offer, please contact your dedicated Business Partner.
  • If your business loan offer expires as per the specific terms and conditions of your offer letter, a new application may be required. You can contact your dedicated Business Partner if you want to discuss this further.
  • Should a Binding Agreement with Bank Of Ireland receive regulatory approval, your Business Loan will transfer to Bank of Ireland at a future date.

    However, you will continue to be afforded all the relevant legal and regulatory protections. The terms and conditions of this contract will be honoured by KBC.

    Should your account be transferred, your new provider may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
  • If you are drawing down your facility by way of stage payments, all terms and conditions attaching to the facility and each stage payment as set out in your loan offer will remain applicable for both Strategic Banking Corporation of Ireland loans and standard Business Banking Loans.
  • While no immediate impact is foreseen for your KBC Business Current Account, should a Binding Agreement with Bank Of Ireland receive regulatory approval, you will need to switch your account, or close your account at some future date.

    Should you choose to open your KBC Business Current Account you will continue to be afforded all the relevant legal and regulatory protections.
  • While no immediate impact is foreseen for your existing Overdraft, should a Binding Agreement with Bank Of Ireland receive regulatory approval,  it may be cancelled at a future date.  

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.

    You can still apply for an increase to your overdraft and as per normal process each application will be reviewed on a case by case basis.
  • If you have applied for an Overdraft before 07th December 2021 we will continue to process this application as normal. You can check in with your Business Partner on the progress of the application. Should a Binding Agreement with Bank Of Ireland receive regulatory approval, the Overdraft may be cancelled at a future date.

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
  • While no immediate impact is foreseen for your Business Credit Card, should a Binding Agreement with Bank Of Ireland receive regulatory approval, your Business Credit card may be cancelled at a future date.  If this happens you will continue to be afforded all relevant legal and regulatory protections.

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
  • New applications for Business Credit Cards, including applications from existing KBC customers, will be paused from 07th December 2021 and we will provide customers with 30 days written notice of this change.
  • If you have applied for a Business Credit Card before 07th December 2021 we will continue to process this application as normal. You can check in with your Business Partner on the progress of the application. Your Credit Card will be cancelled at a future date should the Binding Agreement receive full regulatory approval.

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
  • The account you have chosen provides you with access to your funds when you need it. While no immediate impact is foreseen for your KBC Demand Deposit Account, should a Binding Agreement with Bank Of Ireland receive regulatory approval, your account will be transferred to Bank of Ireland.
  • This announcement does not impact your relationship with either provider, as your relationship is with that third party and not with KBC.