12th April 2019: Bank of Ireland has agreed terms to acquire a portfolio of c.€260m performing commercial loans from KBC Bank Ireland. The acquisition is consistent with the Bank’s plan to grow its lending volumes. The transaction is expected to close in the coming months.
Gavin Kelly, Chief Executive, Retail Ireland, Bank of Ireland commented: “We are pleased to announce this transaction which is a positive development for our business. This is a strong portfolio of performing commercial loans and it further strengthens our business banking portfolio. As Ireland’s leading retail and commercial bank – with operations in Ireland, the UK, the wider European Union and the United States – Bank of Ireland looks forward to welcoming these new customers to the Group when the transaction closes. We will be communicating directly with all customers, and setting out the range of products and services we can offer to support their growth ambitions.”