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Important Customer Notice

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

Date of last update: 24th May 2022

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. On the 4th February 2022 this loan sale was completed. For more information please click here.

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.

On the 24 May this Binding Agreement received approval from the Competition and Consumer Protection Commission. The Binding Agreement is still subject to ministerial approval. Customers will shortly receive an update from us followed by a booklet which clearly outlines what is happening to all KBC products.

On the 12th of April 2022 KBC Bank Ireland announced that it will commence the process of engaging with customers regarding the closure of their current accounts from June 1st. Customers are not required to take any actions until they have been contacted by the bank. Formal closure notices will issue to customers from 1st June on a phased basis, a process that will continue until all customers have been contacted. Upon receipt of the closure notices, customers will have 6 months to close their account. This follows the decision made by the KBC Bank Ireland Board to formally wind down the operations of the bank and exit the Irish market irrespective of  whether the Bank of Ireland transaction receives approval. For more information click here.

 

Update on service and new applications

We are open for business and continue to accept new applications for Business Current Accounts, Business Loans and Business Deposits.

As of 31st May 2022 KBC will no longer accept new applications for Professional Fee Finance and Tax and Pension Finance Products. If you have completed an application which we receive on or before 31st May 2022 it will continue to be processed and underwritten as normal, should you wish to continue. There is no impact for existing customers with Professional Fee Finance and Tax and Pension Finance products, they can continue to manage these products as normal.

New applications for Business Overdrafts and Business Credit Cards, including applications from existing KBC customers are no longer being accepted.

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.

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.

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.

  • 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.

    • On the 24 May this Binding Agreement received approval from the Competition and Consumer Protection Commission. The Binding Agreement is still subject to ministerial approval. Customers will shortly receive an update from us followed by a booklet which clearly outlines what is happening to all KBC products.

      We are open for business and continue to accept new applications for Business Current Accounts, Business Loans and Business Deposits.

      New applications for Business Credit Cards and Business Overdrafts are no longer being accepted. 

      If you are an existing customer of these products there is no immediate impact for you today.

      As of 31st May 2022 KBC will no longer accept new applications for Professional Fee Finance and Tax and Pension Finance Products. If you have completed an application which we receive on or before 31st May 2022 it will continue to be processed and underwritten as normal, should you wish to continue. There is no impact for existing customers with Professional Fee Finance and Tax and Pension Finance products, they can continue to manage these products as normal

      KBC Bank Ireland remains committed to supporting our customers through our Digital Channels, Hubs, Business Partners and Business Support Team.

  • 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

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

  • Should a Binding Agreement with Bank of Ireland receive ministerial 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, Bank of Ireland 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, Bank of Ireland 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.
  • Please be aware that KBC will commence a process of engaging with customers regarding the closure of current accounts from June 1st. You are not required to take any actions until you have been contacted by us. Formal closure notices will issue to customers from 1st June on a phased basis, a process that will continue until all customers have been contacted. Upon receipt of the closure notices, you will have 6 months to switch or close your account.  You will continue to be afforded all of the relevant legal and regulatory protections.

    Please note that you are not required to take any actions until you have been contacted by us. We apologise in advance for any inconvenience this may cause and we are ready to help you should you have any queries right now, please get in touch with us.

    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 existing Overdraft, irrespective of the outcome of the regulatory and ministerial approvals process for the Bank of Ireland transaction,  it will 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.

  • New applications for Business Credit Cards and Business Overdrafts are no longer being accepted.
  • Before your Current Account can be closed the balance on the account must be zero and any outstanding debit balance cleared. In order to close an account we need a written request signed by all the Account holders and/or authorised signatories.
  • 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.
  • We have now paused applications for Business Credit Cards.
  • 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.
  • From 31st May 2022 KBC have paused applications for PFF products. There is no impact on existing customers. Any applications received before this date will continue to be accepted.  
  • From 31st May 2022 KBC have paused applications for TPF products. There is no impact on existing customers. Any applications received before this date will continue to be accepted
  • There is no impact to this facility, we will continue to service this facility as normal. If you have any queries please contact our Business Support Team on 1800 804 414 Mon - Fri, 8.00am – 6.00pm and you can also contact your Business Partner.