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Monday, May 17, 2021

KBC in talks with Bank of Ireland as it signals plan to exit Irish market

KBC Ireland bank has entered into talks with Bank of Ireland which could lead to BOI acquiring “substantially all” of KBC’s performing loan assets and liabilities. 

This could result in KBC’s withdrawal from the Irish market.

KBC said this purchase is “subject to customary due diligence, further negotiation and agreement of final terms and binding documentation”.

The bank said it is analysing this portfolio and reviewing its options for divestment.

The Finance Minister Paschal Donohoe has described the possibility of KBC leaving the market as “regrettable” and a “very significant event for the Irish banking sector, its staff and customers”.

It is unclear exactly when KBC will withdraw from the Irish market.

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