On 16 April 2021, KBC Group announced that KBC Bank Ireland had entered into a Memorandum of Understanding (MoU) with Bank of Ireland Group. On 22 October 2021 KBC Bank Ireland entered into a legally binding agreement whereby Bank of Ireland would acquire substantially all of KBC Bank Ireland’s performing loan assets and deposits. In addition, a small portfolio of non-performing mortgages (NPEs) would also be acquired as part of the transaction.

Today, 24 May 2022  the transaction received approval from the Irish Competition and Consumer Protection Commission (CCPC). The CCPC statement is available here CCPC requires commitments from BOI to acquire KBC Ireland assets - CCPC Business.

KBC Customers do not need to take any immediate action as a result of this announcement as the agreement remains subject to ministerial approval.

Frequently asked questions for customers:

What is today’s update about?

On the 22nd of October 2021, KBC Bank Ireland entered an agreement with Bank of Ireland whereby they would acquire the majority of KBC Bank Ireland’s loan assets and deposits. Today (24 May , 2022) the Binding Agreement received approval from the Competition and Consumer Protection Commission. KBC customers do not need to take any immediate action as a result of this announcement as the  agreement remains subject to ministerial approval.

How will I find out more about how this impacts me?

For now, KBC customers do not need to take any immediate action as a result of this announcement.

All customers will shortly receive a booklet which will clearly outline what is happening to all KBC products. Following a full approval of this agreement customers will then receive individual communications on each of their products providing them with notice of future changes and outlining what actions or steps (if any) they need to take. KBC will ensure customers are provided with plenty of notice of any impact and/or changes to their account in line with all legal and regulatory protections.

We will keep our website at kbc.ie updated with clear information to include frequently asked questions (FAQs) sections. We understand that our customers will be impacted and we want to assure customers that we are committed to ensuring that any changes ahead for them are as smooth and as simple as possible.

Is there someone in KBC that I can talk to?

Customer Service remains our highest priority. While for now, KBC customers do not need to take any immediate action, our Customer Service Team will be available to answer any questions and offer all the support you need during this time. Phone 1800 93 92 44 Monday to Friday from 8am to 8pm. Saturday and Sunday from 9am to 5pm. 

We have also set up a dedicated Customer Care Team for customers who may need some extra help and support during this time. Our team have lots of experience supporting customers who have many different needs and would be delighted to help you. If you require specialist assistance, please phone our Care Team on 1800 804 472: Monday to Friday from 9.00am to 5.15pm. Arrears Support Unit on 0818 93 02 35: Monday to Friday from 9.00am to 5.30pm. You can find your local KBC Hub and opening hours at www.kbc.ie/hub

For current account customers – frequently asked questions

What is the update regarding Current Account closures?

KBC will begin contacting customers on a phased basis from June 1st, 2022, to give six months’ notice to close their current account. This notice period is to provide sufficient time to switch accounts or open a new account with a different provider. Current accounts are not part of the agreement with Bank of Ireland and KBC will exit the Irish market irrespective of the outcome of the approvals process for the Bank of Ireland agreement.

KBC will not charge maintenance fees on current accounts from the point at which we commence issuing notice to customers of their account closure and this means customers will not incur any extra fees and charges for having two accounts open at once. Customers can visit the Competition and Consumer Protection Commission's website for more information on switching (Switching your bank account - CCPC).

Be Aware Of Fraud

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 for support. You can find out more about Fraud Prevention on kbc.ie/fraud