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Central Bank of Ireland to Reclaim Banking License by April 30th

Dublin: KBC Bank Ireland is set to cease its operations entirely, marking the culmination of a decision made three years prior. Effective April 30, the banking licence will be relinquished to the Central Bank of Ireland, signalling the bank’s exit from the Irish market.

The bank’s departure was confirmed following approval from the European Central Bank to surrender its licence. Expressing gratitude, KBC Bank acknowledged the trust vested in them by customers and partners over the decades, along with the unwavering support of its employees. Despite the closure, provisions will be in place to assist customers, with inquiries being addressed by staff at the NV Dublin branch.

Established in 1973 under the name Irish Intercontinental Bank, KBC Bank Ireland evolved over the years, with KBC Bank acquiring a 75% stake in the business five years later, eventually leading to its rebranding as KBC Bank Ireland.

The process leading to the termination of operations unfolded over several stages. The decision to exit Ireland was announced in April 2021, citing challenges confronting European banks. Subsequently, in October of the same year, KBC entered into an agreement to transfer the majority of its performing loan assets and deposit book to Bank of Ireland, alongside assuming a portfolio of non-performing mortgages.

Following the completion of the sale in February of the subsequent year, KBC Bank ceased its remaining branches, hubs, and online banking app services in August. By December 2023, the bank had finalised the transfer of its remaining assets and ongoing liabilities to its NV Dublin branch.

With this transition, all regulatory claims and liabilities pertaining to identified customers have been shifted to the NV Dublin Branch, which is licensed by the National Bank of Belgium and subject to oversight by the Central Bank of Ireland. Effective February 8, 2024, the bank was rebranded as Ireland Exicon DAC, marking the end of the KBC Bank era in Ireland.

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