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KBC Bank also plans to leave Ireland; agreement reached with Bank of Ireland

DUBLIN: Following Ulster Bank, Ireland’s leading bank, KBC, also plans to quit its operations in Ireland.

The Bank of Ireland has agreed in a Memorandum of Understanding (MoU) to purchase all of KBC’s loan assets and existing operations.

The transition will be completed within the time frame specified by reaching an agreement on final terms through further discussions and subject to binding documentation.

The bank said it was currently analyzing the remaining mortgage loan portfolio that is not part of the MoU and that KBC Group was reviewing options to opt out of this NPL portfolio.

With the completion and finalization of these two transactions, KBC Group will eventually withdraw from the Irish market.

Belgian-owned KBC Bank first entered the Irish market in 1978 with a majority acquisition of the Irish Intercontinental Bank.

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