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KBC Bank Ireland announced today that it will commence the process of engaging with customers regarding the closure of their current accounts from June 1st. Customers are not required to take any actions until they have been contacted by the bank. Formal closure notices will issue to customers from 1st June on a phased basis, a process that will continue until all customers have been contacted. Upon receipt of the closure notices, customers will have 90 days to close their account.
This follows the decision made by the KBC Bank Ireland Board to formally wind down the operations of the bank and exit the Irish market irrespective of the outcome of the regulatory approvals process for the Bank of Ireland transaction. Industry participants will also be invited to a briefing session on May 5th at which KBC will share plans for the closure of customers current accounts to ensure industry participants can be properly prepared. The event will cover timings, numbers of customers impacted and the overall approach being taken by the bank.
KBC Ireland CEO Ales Blazek said ‘In line with the Board decision taken to exit the Irish market and in order to provide clarity to all stakeholders and as the approvals process for the Bank of Ireland transaction continues, we are now announcing further steps as part of our orderly wind down of the operations of our Irish business. Current accounts are not part of the proposed transaction with Bank of Ireland and in order to wind down that business in a responsible manner we wish to give customers as much notice as is possible so that they can make the necessary plans while we prepare for our full exit from Ireland.”
“We will therefore be inviting industry participants to a briefing session at which we will share our detailed plans for the closure of current accounts in order to minimize impact on customers. We will be communicating with all current account customers to notify them and support them through this process. We are putting a number of additional supports in place in our mobile app, contact centre and on our website to ensure that this is as smooth a process for customers as possible.”
“KBC Group, the Board of KBC Bank Ireland and the Executive Committee of the bank are fully conscious of our responsibilities to our customers and colleagues in KBC Bank Ireland. We fully understand the role we have played within the Irish Banking system and we are fully committed to meeting those responsibilities as we exit.”
For Current Account Customers – Frequently Asked Questions
What will happen to customers Current Accounts?
KBC will contact customers to notify them of their current account closing to ensure that they will have sufficient time to switch their account or open a new account with a different provider. KBC will remind customers that current accounts are not part of the transaction with Bank of Ireland and that KBC will exit the Irish market irrespective of the outcome of the regulatory approvals process for the Bank of Ireland transaction. When customers are ready to take action, KBC will be ready to help and are committed to supporting customers should they decide to close or switch their account. To facilitate this KBC will not charge maintenance fees on current accounts from the point at which we issue notice to active customers of their account closure, and this means they 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).
Do customers need to take any action?
Customers do not need to do anything at this time and they can continue to bank with KBC as normal. However, customers may want to start considering options for their new Current Account and are of course free to close or switch their account at any time they wish to.
How can customers find out more?
KBC is committed to keeping customers updated. KBC will continue to communicate with customers well in advance of any changes to their Current Account and will provide them with further details and support on any actions they may need to take.
For more details customers can visit Important Information - Current Accounts - KBC. KBC will continue to keep kbc.ie up to date as new information becomes available.
Further announcements will be made in due course. If you are an industry participant and would be interested in attending the briefing please email email@example.com