Important Customer Notice - Corporate Treasury - Updated 25th May 2022

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

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 whereby 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 which clearly outlines what is happening.

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 ministerial approvals. 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 product in line with all legal and regulatory protections.

On the 4th February 2022, KBC Bank Ireland completed the sale of substantially all of its non-performing mortgage loan portfolio and a small number of non-mortgage non-performing loans in a transaction financed by funds managed by CarVal Investors (‘CarVal’). For more information click here.

A decision has been 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. 

Update on service and new applications

Our foreign exchange (FX) activities do not form part of either transaction. However, pending regulatory approvals, KBC’s FX activities have been reviewed and effective from 21st January 2022, KBC is not in a position to offer new FX transactions with a maturity date greater than 31st July 2022.

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.

Frequently Asked Questions

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

  • Your deposit account(s) will be transferring to Bank of Ireland. We will be in touch with further correspondence at least 60 days’ prior to this transfer. This correspondence will contain all relevant information at this time, and outline the next steps for your account. We would like to reassure customers that you do not need to take any action at this time

  • There will be no change to the interest rate applied to your account currently. Any future changes to interest rates will be communicated by Bank of Ireland in accordance with the terms and conditions of your product.

  • 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.

  • Our foreign exchange (FX) activities do not form part of either transaction. However, pending regulatory approvals, KBC’s FX activities have been reviewed and effective from 21st January 2022, KBC is not in a position to offer new FX transactions with a maturity date greater than 31st July 2022.