Bank of Ireland completes purchase of €7.8bn of KBC loans

Bank of Ireland confirmed on Friday that it had completed the purchase of €7.8 billion of loans and €1.8 billion of deposits from KBC Bank Ireland, as the Belgian-owned lender advances plans to exit the Republic.

It is expected that the portfolios – including €7.6 billion of performing mortgages, €100 million of small business and consumer loans, and €100 million of non-performing loans – will move across by the end of March.

KBC Ireland boss Frank Jansen said on Wednesday that only 50 of the 650 employees eligible to transfer to Bank of Ireland as part of the deal had so far taken up the offer. However, employees are entitled to change their mind up to the point of loan migration.

KBC Ireland had a total of 1,019 employees and would be carrying out a redundancy process “on a phased basis” over the course of this year and into 2024, the bank said on Friday.

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“I welcome KBC Ireland’s circa 150,000 customers to Bank of Ireland. While the transfer of products will take place over the coming weeks, our relationship with you begins today,” said Bank of Ireland chief executive Myles O’Grady. “I’d also like to welcome each of our new colleagues.”

KBC Group chief executive Johan Thijs said the closing of the sale “marks a major step in KBC Group’s orderly and phased withdrawal from the Irish market”. Bank of Ireland would be a “good home” for the customers moving to the Irish lender, he added.