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Bank of Ireland buys KBC’s Irish assets in 5 billion euro deal -Breaking

by Mike Robinson

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© Reuters.

DUBLIN (Reuters – Bank of Ireland agreed Friday to acquire “substantially” all of KBC’s Irish assets for five billion euros. This was as the Belgian Financial Group confirmed that it would be the latest lender to withdraw from the Irish market.

Two weeks ago, NatWest had begun to wind down Ulster Bank’s business in the Irish Republic. The announcement by the banks that they were interested in a deal was made in April. Ireland now has three banks retail, as the exits have left it with only three.

Bank of Ireland was the nation’s biggest bank, according to assets. The Bank of Ireland has a loan book of over 77 billion Euros.

The joint statement of both banks stated that a portfolio of about 300 million euros worth of non performing mortgages would be included in the deal.

Johan Thijs, Chief Executive of KBC Group stated in a statement that the Bank of Ireland Group has reached an agreement regarding the sale of substantial amounts of KBC Bank Ireland’s performing loans assets and deposits.

The transaction is subject to regulatory approvals.

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