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(Alliance News) - Bank of Ireland Group PLC on Friday welcomed the approval by Irish Finance Minister Paschal Donohoe of its acquisition of the assets and liabilities of KBC Bank Ireland.
The government approval is the final requirement for the acquisition. Bank of Ireland expect to complete the deal by the end of the first quarter of 2023.
Bank of Ireland said it continues to work closely with KBC to ensure a "smooth and seamless transfer of customers".
Back in April, Bank of Ireland said it entered talks to buy KBC Group's Irish unit, as the Belgian bank looked to exit the country. In May, the bank received clearance from the Irish Competition & Consumer Protection Commission for the acquisition.
Back then, Bank of Ireland said it was acquiring an EUR8.8 billion performing mortgages portfolio from Belgian bank-insurer KBC.
The Irish Bank agreed to conditions set by the Irish Competition & Consumer Protection Commission, such as funding EUR1 billion to non-bank lenders through the purchase of securities from the lenders.
Bank of Ireland will also fund EUR1 million for distribution to companies involved in developing innovations in the Irish mortgage market. Meanwhile, the bank will honour the fixed rate in existing terms and conditions of KBC fixed rate mortgages for the remainder of the fixed term.
Bank of Ireland shares were 0.1% higher at EUR7.61 each in London on Friday morning.
By Tom Budszus; tombudszus@alliancenews.com
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