IN BRIEF: Bank of Ireland gets clearance for KBC portfolio acquisition

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Bank of Ireland Group PLC - Dublin-based lender - Receives clearance from the Irish Competition & Consumer Protection Commission for the acquisition of assets of bank-insurer KBC Bank Ireland PLC. Bank of Ireland is now closer to acquiring an €8.8 billion performing mortgages portfolio from Belgian bank-insurer KBC.

Bank of Ireland agrees to conditions set by the CCPC, such funding €1 billion to non-bank lenders through the purchase of securities from the lenders. Bank of Ireland will also fund €1 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.

‘Following the CCPC review, the remaining transaction clearances will now be progressed,’ Bank of Ireland says.

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