Banking

Bank of Ireland completes acquisition of €9bn of KBC assets

The lender was given approval for the deal to purchase billions euro of loans and deposits from KBC last May subject to a number of conditions

KBC Bank at Grand Canal, Dublin: Bank of Ireland has acquired €9 billion of KBC assets. Picture: Fergal Phillips

Bank of Ireland has completed its acquisition close to €9 billion worth of loans and deposits from KBC Bank Ireland.

In a stock market update on Friday evening, the lender confirmed it had concluded the deal, which saw it has acquire a €7.8 billion loan portfolio as well as €1.8 billion in deposit accounts.

The KBC loan book consists of €7.6 billion of performing mortgages, around €100 million in SME and consumer loans, as well ...