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KBC Group KBC Bank Ireland enters into a Memorandum of Understanding with Bank of Ireland Group

Nachrichtenquelle: globenewswire
16.04.2021, 08:00  |  129   |   |   

Joint Press Release                                                 
Outside trading hours – Regulated information*   

                                                                                                                                                  

Brussels, 16 April 2021 (8.00 a.m. CEST, before stock exchange hours)  

KBC Bank Ireland enters into a Memorandum of Understanding with Bank of Ireland Group

  • KBC Bank Ireland has entered into a Memorandum of Understanding (MoU) with Bank of Ireland, expressing the parties’ intention to explore a route that could potentially lead to a transaction whereby Bank of Ireland commits to acquire substantially all of KBC Bank Ireland’s performing loan assets and liabilities. The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and binding documentation, as well as obtaining all appropriate internal and external regulatory approvals.
     
  • KBC Bank Ireland’s remaining non-performing mortgage loan portfolio, which is not part of the MoU, is currently being analysed whereby KBC Group is reviewing its options to divest this NPL portfolio.
     
  • Execution of these two transactions would ultimately result in KBC Group’s withdrawal from the Irish market. While these discussions are ongoing, KBC Bank Ireland remains committed to offering its retail banking and insurance services of the highest level through its digital channels and hubs, for its existing and new customers. There is no impact on KBC Bank Ireland customers’ products or services and they do not need to take any action as a result of this announcement.
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KBC Group KBC Bank Ireland enters into a Memorandum of Understanding with Bank of Ireland Group Joint Press Release                                                 Outside trading hours – Regulated information*         …

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