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

Closing a deal that was first announced in April 2021, Bank of Ireland is acquiring substantially all of KBC Bank Ireland’s performing loan assets and deposits, as well as a small portfolio of non-performing mortgages and credit card balances.

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.

The Competition and Consumer Protection Commission, Ireland’s consumer watchdog, green lit the transaction in May of last year, with the Minister of Finance also giving approval in December.

CEO of the Bank of Ireland Group Myles O’Grady described it as a “very important strategic and commercial acquisition for Bank of Ireland”.

“While the transfer of products will take place over the coming weeks, our relationship with you [KBC] begins today,” O’Grady said.

“Our ambition is to be your trusted partner in all financial decisions, big and small, in the years ahead.”

KBC Bank Ireland CEO Frank Jansen said: “As we manage an orderly exit from the Irish market, we are determined to meet all of our ongoing responsibilities and obligations. I would like to sincerely thank those customers transferring to Bank of Ireland for being customers of our bank.”

Both KBC and Ulster Bank are preparing to withdraw from the Irish retail banking market.