(CercleFinance.com) – KBC announced on Friday that the Irish finance minister has decided to approve the sale of almost all of its performing credit assets and liabilities to Bank of Ireland.
This approval was the final step before the closing of the transaction, which the Belgian bank expects to complete, along with the migration of customers, in the first quarter of 2023.
KBC signed a memorandum of understanding with Bank of Ireland last year for the sale of almost all of the performing credit assets and deposits of its local subsidiary KBC Bank Ireland.
The scope of the operation also included a small portfolio of non-performing mortgage loans.
This transaction had already received the approval of the Irish Competition and Consumer Protection Commission (CCPC) last May.
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