Move is latest step as KBC exits Ireland
Bank of Ireland confirmed on Friday that it has 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 2023. 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 has a total of 1,019 employees and will 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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