Important Customer Notice - Car Insurance

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

You may have seen the news about a recent announcement by KBC Bank Ireland in the media – click here for the announcement.

You may have some questions about what this announcement could mean as you move through your Car insurance journey. We have answered some of these questions below and will continue to keep you updated.

What was announced?

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.

To read full customer notice and FAQs click here.

  • It is not possible to be definitive at this time.

     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.

    You do not need to take any action. There is no impact on your insurance policy as a result of the announcement. Customers will at all times continue to be afforded all the relevant regulatory protections. We will keep you updated here on kbc.ie and will provide advance notice of any future changes.

  • Zurich are the underwriter for your policy. KBC has an exclusive agreement with Zurich whereby they provide insurance to our customers.