for about €5 billion as the Belgian lender continues to wind down its Irish operations ahead of its exit from the market.
The exact size of the portfolio and consideration payable will vary between now and completion based on normal business flows, but is not expected to be materially different at the time of completion. A total consideration of about €5 billion across all portfolios will be paid, which will be funded through excess cash.
The acquisition is facilitated by the investment in the group’s infrastructure over recent years and is expected to reduce its cost income ratio and be earnings accretive, adding about 1.1 per cent to the group’s return on tangible equity in the first full year of ownership.
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