Existing Customer Hub
Important Customer Notice
KBC Bank Ireland would like to draw your attention to some important information
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.
Guide to Next Steps
We have put together a Guide (281kb, pdf) to help you understand and prepare for the changes ahead. Inside you’ll find more information about each of our products, the impact on you and any actions you may need to take. This guide is a first step to give you information and we hope you find it helpful in understanding how the changes will impact you. Each customer will receive a printed copy of the guide over the coming weeks. You should read this guide carefully to understand any potential changes to your products and you may want to keep the guide somewhere safe in case you need to refer to it for useful information in the future.
Update on service and new applications
KBC are no longer accepting new product applications.
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
We have outlined below when applications will need to be received and/or completed and product updates for existing customers if applicable.
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We will accept new applications until 15 July 2022.
In order for your loan application to be completed we must receive all additional documentation 30 days from the date they were requested. If you are successful in your application, you must drawdown the facility by the drawdown dates set out in your facility letter.
Should you wish to continue with your application and you drawdown your funds, your account will transfer to Bank of Ireland subject to full ministerial approval.
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We will accept new applications until 15 July 2022.
Following the notice period, you should provide all the required documentation by 29 July 2022 for your application to proceed.
Should you wish to continue with your application and your account is opened you should be aware that Business Current Accounts will need to be closed by KBC at a given date in the future and you will be asked to move or switch them to a provider of your choice, you will be given 6 months’ notice. This will happen even if the Binding Agreement with Bank of Ireland does not receive approval.
If you have a Business Overdraft please refer to the overdraft section below.
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We will accept new applications until 15 July 2022.
Following the notice period you should provide all the required documentation by 29 July 2022 for your application to proceed.
Should you wish to continue with your application and the product is subsequently put in place your account will transfer to Bank of Ireland subject to full ministerial approval.
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We had previously written to you to let you know we were pausing new applications for Business Credit Cards, Business Overdrafts, Professional Fee Finance Products and Tax and Pension Finance. We can now confirm that we will no longer be accepting applications for these products.
If you have an existing KBC Business Overdraft, after the 15 July 2022 existing customers can no longer apply for an increase to overdraft limits. However, you can continue to avail of this overdraft and indeed request a decrease to your limit at any time.
If you have an existing KBC Business Credit Card, after the 15 July 2022 existing customers can no longer apply for an increase to their Credit limit. However, you can continue to use your Business Credit Card and indeed request a decrease to your limit at any time.
Business Credit Cards will not move to Bank of Ireland. Business Credit Cards will need to be closed by KBC at a given date in the future – this will happen even if the Binding Agreement with Bank of Ireland does not receive approval.
What do you need to know right now?
We would like to reassure customers that you do not need to take any action. 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.
Frequently Asked Questions
To make sure you understand what this means for you we have prepared the following frequently asked questions and answers.
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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.
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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.
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You can find more information on how to make a complaint here - Make a complaint - KBC
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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
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This announcement does not impact your relationship with either provider, as your relationship is with that third party and not with KBC.
Be extra aware of Fraud
Please be aware of fraudsters claiming to be from KBC and asking you 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. You can find out more about fraud prevention here.
Concerned about your finances?
If you’re worried about your finances, please get in touch with us to talk about how we can help support you and your business. Our Business Support Team help many business people across different industries and professions and understand the unique challenges of running a successful business. Contacting us as soon as you see signs that you may be facing some financial difficulties means we can help you find quick and efficient solutions to get you back on track.
Complaints
KBC continues to be committed to supporting our customers at this time. If you’d like to make a complaint, here are the ways to get in touch:
Email us at: complaintsteam@kbc.ie
Phone us on: (01) 664 6000
Write to us at: KBC Bank Ireland, Complaints & Resolutions Manager, Sandwith Street, Dublin 2
For more information on making a complaint click here.
Data Protection
You can find more information on Data Protection here.
Ways to contact us
If you have any questions or need support, we’re here to help.
Get in touch with your dedicated Business Partner.
Phone our Business Support Team on 1800 804 414
Lines are open Monday – Friday, 8am – 6pm