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Important Customer Notice

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

KBC Bank Ireland has entered into a Memorandum of Understanding (MoU) with Bank of Ireland, expressing the parties’ intention to explore a route that could potentially lead to a transaction whereby Bank of Ireland commits to acquire substantially all of KBC Bank Ireland’s performing loan assets and liabilities. The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and binding documentation, as well as obtaining all appropriate internal and external regulatory approvals.

KBC Bank Ireland’s remaining non-performing mortgage loan portfolio (NPL), which is not part of the MoU, is currently being analysed whereby KBC Group is reviewing its options to divest this NPL portfolio.

Execution of these two transactions would ultimately result in KBC Group’s withdrawal from the Irish market. Further announcements will be made in due course.

We would like to reassure you that there is no immediate impact for you and you don't need to take any action at the moment.

You can continue to bank with us as normal and you don’t need to do anything at this time. All of our products and day to day banking services remain the same and you will continue to be afforded all of the relevant regulatory protections at all times.

We are committed to keeping you updated; if circumstances change during the coming months we will keep you informed and outline the impacts (if any) for you.

 

What do you need to know right now?

You do not need to take any immediate action as a result of this announcement. While these discussions are ongoing, KBC Bank Ireland remains committed to offering all of our products and services as normal through our digital channels, hubs, Business Partners and Business Support Team. 

If you have any specific queries, please call us on 1800 804 414 
Mon - Fri, 8.00am – 6.00pm
 
To make sure you understand what this means for you we have prepared the following frequently asked questions and answers.

Frequently Asked Questions

We understand that the announcement has brought up many questions for existing and new customers. We are continuously reviewing those queries based on customer feedback and will keep this page up to date with new questions and responses.

  • You do not need to take any action. There is no immediate impact on your products or services as a result of the announcement. Customers will at all times continue to be afforded all the relevant regulatory protections. We are committed to keeping you updated; if circumstances change during the coming months we will keep you informed and outline the impacts (if any) for you.

    While these discussions are ongoing, KBC Bank Ireland remains committed to offering its  banking and insurance services through its 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
  • KBC Group and KBC Bank Ireland has entered into a Memorandum of Understanding (MoU) with Bank of Ireland, expressing the parties’ intention to explore a route that could potentially lead to a transaction whereby Bank of Ireland commits to acquire substantially all of KBC Bank Ireland’s performing loan assets and liabilities. The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and binding documentation, as well as obtaining all appropriate internal and external regulatory approvals.

    KBC Bank Ireland’s remaining non-performing mortgage loan portfolio, which is not part of the MoU, is currently being analysed whereby KBC Group is reviewing its options to divest this non-performing loan portfolio.

    It is therefore not possible to be definitive at this time as to when we will provide an update on this announcement. We are committed to keeping you updated; if circumstances change during the coming months we will keep you informed and outline the impacts (if any) for you.
  • We always advice customers to be aware of fraud. Given this announcement we would ask customers to be extra vigilant regarding any communications they received over the coming weeks.

    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. Never provide this information over the phone and if you have a doubt about who is calling you, make sure to call us back on 1800 93 92 44. Similarly we will never call you looking for PINs, User IDs or passcodes to complete purchases.

    You can find out more about Fraud Prevention here - Fraud Prevention - KBC.
  • While discussions are ongoing, we are open for business and processing new applications 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 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, or another provider should your business loan transfer to them. 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.
  • There is a chance that your business loan could transfer to another provider. However, you will be afforded all the relevant regulatory protections. We are committed to keeping you updated, and if circumstances change during the coming months, we will keep you informed and outline the potential impacts for you.
  • 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, there is a possibility that you may need to switch your account, close your account or that it could be transferred to another provider.

    Should you choose to open your KBC Business Current Account you will continue to be afforded all the relevant regulatory protections.
  • While no immediate impact is foreseen for your Overdraft there is a possibility that it may be cancelled or transferred to another provider.  If this happens you will continue to be afforded all relevant regulatory protection.
  • While no immediate impact is foreseen for your Business Credit Card, there is a possibility that your business credit card may be cancelled, and you may need to switch to another provider.  If this happens you will continue to be afforded all relevant regulatory protection.
  • Demand Deposit Account
    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 there is a possibility that you may be required to close your account in future or it may be transferred to an alternative provider.

    Fixed Term Deposit Account
    The account you wish to open means you do not have access to your funds until the end of the term chosen. While no immediate impact is foreseen for your KBC Fixed Term Deposit Account there is a possibility that you may be required to close your account in future or it may be transferred to an alternative provider. 
    However, the full term of your fixed term deposit account will be honoured by KBC or the alternative provider.

    Should you choose to open your KBC Deposit Account you will continue to be afforded all of the relevant regulatory protections.

    Client Deposit Account
    While no immediate impact is foreseen for your KBC Client Deposit Account, there is a possibility that you may be required to close your account, or it may be transferred to an alternative provider at some future date.
  • This announcement does not impact your relationship with either provider, as your relationship is with that third party and not with KBC.