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KBC sells €260m legacy corporate loan portfolio to Bank of Ireland

Independent.ie logo Independent.ie 12/04/2019 Ellie Donnelly
A view of KBC Bank logo in Dublin city  center. 
On Friday, December 21, 2018, in Dublin, Ireland. (Photo by Artur Widak/NurPhoto via Getty Images) © Getty A view of KBC Bank logo in Dublin city center. On Friday, December 21, 2018, in Dublin, Ireland. (Photo by Artur Widak/NurPhoto via Getty Images)

KBC Bank Ireland has sold its legacy corporate loan portfolio to Bank of Ireland.

The portfolio is valued at roughly €260m.

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The sale will have a negligible impact on KBC Group’s profit and loss and capital ratio.

Prior to closing of the transaction, KBC Bank Ireland will contact the corporate customers involved to inform them that their loan(s) is/are being transferred, and to confirm that existing legal and regulatory protections continue to remain in place with Bank of Ireland.

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Bank of Ireland said the acquisition, which is expected to close in the coming months, was consistent with its plans to grow its lending volumes.

Gavin Kelly, CEO, Retail Ireland, Bank of Ireland, said: "This is a strong portfolio of performing commercial loans and it further strengthens our business banking portfolio."

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