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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.
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 and hubs.
If customers have any specific queries, they should contact us on 1800 93 92 44. A dedicated freephone phone line is available for vulnerable customers and this team can be contacted on 1800 804 472.
To make sure you understand what this means for you we have prepared the following frequently asked questions and answers.
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 KBC.ie up to date with new questions and responses.
While discussions are ongoing, we are open for business and processing new mortgage applications as normal. Therefore you can continue to proceed with your mortgage application through any KBC channel or your mortgage broker. If you apply for a mortgage with KBC you will continue to be afforded all the relevant regulatory protections.