Bank of Ireland completes acquisition of commercial loans from KBC
Bank of Ireland has completed the acquisition around €260m in performing commercial loans from KBC Bank Ireland.
Bank of Ireland, headed by CEO Francesca McDonagh (pictured), said it is writing to the customers to inform them of the completion of the transfer and providing them with information in relation to the servicing of the loan.
It will service the accounts directly and the contractual terms and conditions will remain the same.
Michael Lauhoff, director of business banking at Bank of Ireland, said the acquisition of the portfolio was a “positive development,” that is consistent with the bank's strategy of growing lending volumes.
“This is a strong portfolio of performing commercial loans and it further strengthens our business banking portfolio,” Mr Lauhoff said.
“We look forward to supporting these new customers on the future growth and development of their businesses,” he added.
Customer loans at Bank of Ireland stood at €79.1bn at the end of March, an increase of €2.1bn since the end of December 2018.