KBC Financial institution Eire welcomes determination of Minister for Finance to approve the sale of considerably all of its performing mortgage property and liabilities to Financial institution of Eire Group

Press Launch

Outdoors buying and selling hours – Regulated data*

Brussels, 2 December 2022 (8 a.m. CET, earlier than Brussels inventory change hours)

KBC Financial institution Eire welcomes determination of Minister for Finance to approve the sale of considerably all of its performing mortgage property and liabilities to Financial institution of Eire Group.

On the sixteenth of April 2021, KBC Group introduced that KBC Financial institution Eire had entered right into a Memorandum of Understanding (MoU) with Financial institution of Eire Group. On the twenty second of October 2021 KBC Financial institution Eire entered right into a legally binding settlement with Financial institution of Eire Group whereby it might purchase considerably all of KBC Financial institution Eire’s performing mortgage property and deposits. As well as, a small portfolio of non-performing mortgages (NPEs) may even be acquired as a part of the transaction.

On the twenty fourth of Might 2022 the transaction acquired approval from the Irish Competitors and Client Safety Fee (CCPC), and immediately, 2 December 2022, KBC can verify that the deal acquired remaining approval from the Irish Minister for Finance.

Given the timing of the totally different approvals it’s now foreseen that the closing of the deal and migration of shoppers to Financial institution of Eire Group will happen within the first quarter of 2023.

KBC Financial institution Eire stays decided to guard the pursuits of its clients to the best extent doable because the financial institution exits the market. KBC Financial institution Eire has written to clients offering an replace for every product they’ve with the financial institution clearly outlining what clients can count on to occur subsequent and any actions the might must take.

KBC Financial institution Eire continues to deal with the welfare and wellbeing of workers and has engaged extensively with them, each straight and thru the Worker Council. Sturdy redundancy phrases have been agreed with the Worker Council that evaluate very favourably inside the sector. KBC Financial institution Eire has additionally commenced the method of engagement with workers on eligibility for switch to Financial institution of Eire beneath the TUPE laws. The method to workers transfers and redundancies shall be knowledgeable by this course of, by KBC’s accountability to workers and the continued wants of shoppers.

Following immediately’s ministerial approval, KBC Group CEO, Johan Thijs, mentioned: “At this time’s approval represents an essential step in KBC Group’s orderly and phased withdrawal from the Irish market. I’m assured that along with Financial institution of Eire Group, our clients shall be supplied with a superb house, while persevering with to get pleasure from the identical authorized and regulatory protections. We stay dedicated to managing this course of responsibly over the approaching interval. I additionally want to explicitly thank the Irish administration and colleagues for the big work and energy they’ve put in and are nonetheless doing in an effort to efficiently full the ultimate steps of this course of.”

KBC Financial institution Eire CEO, Frank Jansen added: “We stay completely dedicated to assembly the tasks we have now to our clients as we withdraw from the Irish market. Customer support will stay a key precedence and we have now written to all of our clients to tell them about their particular merchandise with the financial institution and related actions they should take.”

“I additionally want to additional acknowledge and thank all KBC workers who proceed to offer wonderful service and help to clients by what has been a really difficult time for them personally additionally. Workers proceed to go above and past day-after-day for colleagues and clients and we’re extraordinarily grateful for his or her continued dedication and help.”

For extra data, please contact:

KBC Group :

Viviane Huybrecht, Common Supervisor, Company Communication/Spokesperson, KBC Group

Tel +32 2 429 85 45 – E-mail: viviane.huybrecht@kbc.be, pressofficekbc@kbc.be

Web site : www.kbc.com

Kurt De Baenst, Common Supervisor, Investor Relations, KBC Group

Tel +32 2 429 35 73 – E-mail: IR4U@kbc.be

KBC Financial institution Eire

Edelman – Joe Carmody, CEO – Tel + 353 86 805 87 64 joe.carmody@edelman.com

* This announcement accommodates inside data.

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