KBC closes major deal with Bank of Ireland ahead of Irish market exit

BANK OF IRELAND and KBC have completed a major transfer of assets as the latter bank prepares to pull out of Ireland.

The acquisition involves €7.6 billion of performing mortgages, €0.1 billion of mainly-performing commercial and consumer loans, €0.2 billion of non-performing mortgages, and €1.8 billion of deposits. “While the transfer of products will take place over the coming weeks, our relationship with you [KBC] begins today,” O’Grady said.

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