Thursday, May 30, 2024

KBC returns licence to operate as bank in Ireland

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KBC has officially returned its licence to operate as a bank in Ireland to the regulator, bringing to an end to the lender’s five-decade long connection with the country.

In a short statement, the Central Bank of Ireland said the European Central Bank had approved the revocation of the licence of Exicon DAC, the company that was formerly KBC Ireland.

Three years ago the bank announced it planned to exit the Irish market.

It subsequently sold most of its performing loans and its deposit book to Bank of Ireland.

The bank shut its last remaining branch and its online banking and app services last year.

Most of its staff have either transferred to Bank of Ireland or left under a redundancy scheme.

KBC Bank Ireland’s origins date back to 1973 when Irish Intercontinental Bank was formed.

Five years later KBC Bank bought a 75% share in the business and later renamed it KBC Bank Ireland.

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