Wednesday, May 22, 2024

KBC Ireland to return banking licence to Central Bank

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KBC Bank Ireland will return its banking licence to the Central Bank of Ireland next week, in its last act before exiting the Irish market.

Three years after announcing its intention to leave Ireland, the bank confirmed that it had received approval from the European Central Bank to return the licence on Tuesday, April 30.

It said staff at its remaining entity, known as NV Dublin Branch, will continue to be available to support any queries from customers who retain their legal and regulatory protections.

The bank thanked its customers and stakeholders for their trust over the past decades and expressed its gratitude to all employees “who have maintained the highest of standards in their work, providing continued support to customers and to each other while preparing the orderly exit”.

KBC Bank Ireland was established in 1973 as Irish Intercontinental Bank. Five years later KBC Bank bought a 75% share in the business and 30 years later it was renamed KBC Bank Ireland.

In April 2021, the bank announced that it intended to exit the Irish market citing the challenging operational environment for European banks.

The following October, KBC struck a deal to sell most of its performing loan assets and its deposit book to Bank of Ireland.

In addition, a small portfolio of non-performing mortgages was also acquired by Bank of Ireland as part of the transaction.

KBC Bank completed the sale in February last year.

The bank closed its last remaining branch, hub as well as its online banking and app services in August last year.

In December 2023 it completed the transfer of its remaining assets and current and future liabilities to KBC Bank NV Dublin Branch.

This included all unidentified and identified residual customer or regulatory claims or liabilities of the bank.

KBC Bank NV Dublin Branch is licenced by the National Bank of Belgium in Belgium and regulated by the Central Bank of Ireland.

On 8 February 2024 KBC Bank Ireland was renamed Exicon DAC.

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