KBC Group: KBC Bank Ireland confirms sale of substantially all of its performing loan assets and liabilities to Bank of Ireland Group. No immediate actions for customers
Outside trading hours – Regulated information*
Brussels, 22 October 2021 (8.20 a.m. CEST, before stock exchange hours)
KBC Bank Ireland confirms sale of substantially all of its performing loan assets and liabilitiesto Bank of Ireland Group
No immediate actions for customers.
Following the announcement made on the 16th April 2021 that KBC Bank Ireland had entered into a Memorandum of Understanding (MoU) with Bank of Ireland Group, KBC Bank Ireland confirms that it has now entered into a legally binding agreement with Bank of Ireland relating to the sale of substantially all of KBC Bank Ireland’s performing loan assets and its deposit book to Bank of Ireland Group. In addition, a small portfolio of non-performing mortgages (NPEs) will also be acquired as part of the transaction.
The acquisition for a total consideration of c.€5.0 billion (net of deposits), involves c.€ 8.8 billion of performing mortgages, c.€ 0.1 billion of mainly performing commercial and consumer loans, c.€ 0.3 billion of non-performing mortgages, and c. € 4.4 billion of deposits.The exact size of the portfolio and consideration payable will depend on movements in the portfolio up to completion, but is not expected to materially change.
Bank of Ireland Group will acquire the portfolio and will fund it from its existing resources.
KBC Bank Ireland customers do not need to take any immediate action as a result of this announcement. Customers can continue to access KBC Bank Ireland’s retail banking and insurance products through its digital channels and hubs. Customers will also continue to be afforded all legal and regulatory protections. KBC Bank Ireland is focused on ensuring that the migration of its customers to Bank of Ireland Group is carried out in an orderly manner.
The transaction remains subject to regulatory, including Irish competition, approvals.
The transaction will have an impact on KBC Group’s P&L which is estimated at +0.2 billion euros at completion. Furthermore, as the transaction would ultimately result in KBC Group’s withdrawal from the Irish market, this will also trigger a P&L impact in 3Q21 of an estimated -0.2 billion euros (primarily increased impairment on limited non-performing loans included in the transaction, provisions for restructuring costs and the write-down of deferred tax, tangible and intangible assets). Combined, it further improves KBC’s solid capital position on completion of the transaction (expected in 3Q22), with a positive impact of +0.9% pt. on the CET1 ratio primarily by reducing risk-weighted assets by c.5 billion euros upon completion of the transaction and a further 1 billion thereafter.
As a result of this announcement, the P&L of KBC Bank Ireland will be transferred from Business Unit International Markets (KBC Group) to Group Centre as of 1 January 2022 (not retroactive).
KBC Bank Ireland has been very focused on the welfare of its employees throughout this process. KBC Bank Ireland remains acutely aware of the need to maintain open lines of communication with its employees and to provide as much certainty as possible in the context of this transaction. In this regard, KBC Bank Ireland has recently engaged in a Redundancy Consultation process with its Employee Council resulting in strong terms that compare very favourably in the sector and reflect the bank’s deep appreciation for the service given by its employees. KBC Bank Ireland confirms that it will abide by the rules of the TUPE legislation where applicable.
Following a notification to all customers KBC will pause the acceptance of new applications for PRSAs, Investments, Personal and Business Overdrafts, and Business Credit Cards. For customers wishing to apply for a new Current Account, Mortgage, Deposit, Personal Loan, Business Loans, Life, Home and Car Insurance or Personal Credit Card we remain open for business as usual.’
Further announcements/updates will be made in due course.
Announcing the binding agreement, KBC Group CEO, Johan Thijs, said : “Today’s agreement with Bank of Ireland Group regarding the sale to Bank of Ireland Group of substantially all of the performing loan assets and deposits of KBC Bank Irelandand a small portfolio of non-performing mortgages represents an important step in KBC Group’s withdrawal from the Irish market. The transaction remains subject to regulatory approvals. Yet, I’m confident that together with Bank of Ireland Group our customers will be provided with a good home, whilst continuing to enjoy the same legal and regulatory protections. We remain committed to managing this process responsibly over the coming period.”
Francesca McDonagh, Group CEO of Bank of Ireland continued: “We are delighted to have reached agreement with KBC on this important transaction. This acquisition is a positive development for our business and consistent with our growth strategy. We look forward to supporting our new customers on their important financial decisions over the years ahead.”
KBC Bank Ireland CEO, Ales Blazek added : “I would like to reassure our customers that they do not need to take any immediate action at this point as a result of this announcement. KBC Bank Ireland remains committed to servicing customers of its retail banking and insurance products through its digital channels and hubs. We will communicate to our customers well in advance of any actual steps that may be taken with respect to their products or if our customers need to take any action at any point.
The Board and the Executive Committee of KBC Bank Irelandare fully conscious of the responsibilities to our customers and colleagues, and the role of KBC as part of the Irish banking system, and we are committed to those responsibilities until the transaction and subsequent withdrawal from the Irish market have been completed. KBC Bank Ireland remains focused on the welfare of its staff.”
For more information, please contact:
KBC Group :
Viviane Huybrecht, General Manager, Corporate Communication/Spokesperson, KBC Group
Website : www.kbc.com
Kurt De Baenst, General Manager, Investor Relations, KBC Group
Tel +32 2 429 35 73 - E-mail: IR4U@kbc.be
Bank of Ireland :
Damien Garvey, Head of Group External Communications and Public Affairs, Group Corporate Affairs, Bank of Ireland
Tel + 353 (0) 86 8314435 – E-mail: Damien.email@example.com
Darach O’Leary, Head of Group Investor Relations, Bank of Ireland
Tel +353 (0) 87 948 0650 – E-mail Darach.firstname.lastname@example.org
KBC Bank Ireland
Edelman - Joe Carmody, CEO – Tel + 353 86 805 87 64 email@example.com
* This announcement contains inside information.
|* This news item contains information that is subject to the transparency regulations for listed companies.|
KBC Group NV
Havenlaan 2 – 1080 Brussels
Tel. +32 2 429 85 45
Tel. +32 2 429 65 01 Stef Leunens
Tel. +32 2 429 29 15 Ilse De Muyer
Tel. +32 2 429 32 88 Pieter Kussé
Tel. +32 2 429 85 44 Sofie Spiessens
KBC press releases are available at www.kbc.com or can be obtained by sending an e-mail to firstname.lastname@example.org
Follow us on www.twitter.com/kbc_group
Stay up-to-date on all innovative solutions
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Information on the total number of voting rights and shares26.11.2021 22:30:00 CET | Press release
REGULATED INFORMATION Information on the total number of voting rights and shares Mont-Saint-Guibert (Belgium), November 26, 2021, 10:30 pm CET / 4:30 pm ET – In accordance with article 15 of the Law of 2 May 2007 on the disclosure of large shareholdings, Nyxoah SA(Euronext Brussels and Nasdaq: NYXH) publishes the belowinformation following the exercise of subscription rights and the issue of new shares. Share capital: EUR 4,427,369.69 Total number of securities carrying voting rights: 25,772,359 (all ordinary shares) Total number of voting rights (= denominator): 25,772,359 (all relating to ordinary shares) Number of rights to subscribe to securities carrying voting rights not yet issued: 105 “2016 ESOP Warrants” issued on November 3, 2016, entitling their holders to subscribe to a total number of 52,500 securities carrying voting rights (all ordinary shares); 100 “2018 ESOP Warrants” issued on December 12, 2018, entitling their holders to subscribe to a total number of 50,000 securit
Fobi to Host Shareholder Update and Earnings Webinar26.11.2021 17:57:56 CET | Press release
VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leading data intelligence company using artificial intelligence to help clients turn real-time data into actionable insights and personalized customer engagement, is pleased to announce that Fobi will host a virtual-only shareholder update webinar on Thursday, December 2, 2021, from 9-10am PST (12-1pm EST). The shareholder update webinar will be facilitated by Rob Anson, CEO and Mark Lotz, CFO, who will review the company's most recent reporting period as well as discuss milestones, financial strength, M&A and the outlook for the remainder of the fiscal year. Fobi CEO Rob Anson and CFO Mark Lotz will facilitate pre-submitted and live-chat questions and answers. The company will answer pre-submitted and live questions at the conclusion of prepared remarks. Investors are asked to submit their questions to email@example.com. To register for this webinar, please visit
Nordic American Tankers Ltd (NYSE: NAT) – Purchase of shares by NAT board member Alexander Hansson (DUPLICATE)26.11.2021 16:25:26 CET | Press release
Friday, November 26, 2021 Dear Shareholders and Investors, Alexander Hansson, Board member in Nordic American Tankers Ltd and son of Herbjorn Hansson, the NAT Founder, Chairman and CEO, has today bought 50,000 share in NAT at $1.8564 per share. Following the transaction, Alexander Hansson privately owns 1,035,000 shares in Nordic American Tankers Ltd. As in the past, the Hansson family is the largest private shareholder in NAT. Alexander Hansson commented: “Uncertain times are normally good for our tankers. The recent set-back in stock markets is a good opportunity to accumulate shares” Sincerely, Herbjorn Hansson Founder, Chairman & CEO Nordic American Tankers Ltd. www.nat.bm CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective i
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-12-03BondsSWEDISH GOVERNMENT: 1062. SE0013935319. 2031-05-12 SWEDISH GOVERNMENT: 1063, SE0015193313, 2045-11-24 Bid date2021-12-03Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1062: 500 mln SEK +/-250 mln SEK 1063: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1062: 500 mln SEK per bid 1063: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-12-07Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-11-26 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK TREASURY BILLS26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-12-01BillsSWEDISH T-BILL: SE0017084494. 2022-02-16 SWEDISH T-BILL: SE0015659529, 2022-03-16 Bid date2021-12-01Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SE0017084494: 500 mln SEK +/-250 mln SEK SE0015659529: 1000 mln SEK +/-500 mln SEK Highest permitted bid volume (corresponding nominal amount)SE0017084494: 500 mln SEK per bid SE0015659529: 1000 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2021-12-03Delivery of billsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-11-26 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms an
CONDITIONS FOR RIKSBANK BID PROCEDURE KOMMUNINVEST BONDS26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-11-30BondsKOMMUNINVEST I SVERIGE: 2311. SE0010948240. 2023-11-13 KOMMUNINVEST I SVERIGE: 2505, SE0011414010, 2025-05-12 KOMMUNINVEST I SVERIGE: G23, XS1897258098, 2023-06-01 BidsBids on interest and volume are entered via Bloomberg Bond Auction SystemBid date2021-11-30Bid times10.00-11.00Requested volume (corresponding nominal amount)2311: 750 mln SEK +/-400 mln SEK 2505: 500 mln SEK +/-250 mln SEK G23: 250 mln SEK +/-150 mln SEK Highest permitted bid volume (corresponding nominal amount)2311: 750 mln SEK per bid 2505: 500 mln SEK per bid G23: 250 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2021-12-02Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383General Terms and ConditionsGeneral Terms and Conditions General Terms and Conditions för the Riksbank’s Purchases o
CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER26.11.2021 16:20:00 CET | Press release
Bid procedure, 2021-12-01CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2022-06-01 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-11-19 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-12-01Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s