Bank of Ireland and KBC said on Friday that Minister for Finance Paschal Donohoe has approved that transaction, the final clearance needed for it to progress. The transfer of loans and deposits is on track to be completed by the end of next March.
Earlier this year, KBC estimated that 52,000 of its 130,000 current account holders not part of the Bank of Ireland transaction would need to open a new account or move to a new provider. The figure has since fallen by 32 per cent to 35,400, as many customers of the bank have taken action to move their accounts elsewhere.
Meanwhile, the KBC spokeswoman said that 65 per cent of the company’s current account customers have been served with six-months’ notice to close accounts. It will continue to issue notice to remaining account holders into the first quarter of next year, she said. “KBC has also advised customers that if they are having difficulty opening a new current account, that the bank will be able to extend their closure notice, providing them with additional time to find a new current account provider,” she said.
“KBC has a dedicated care team to support vulnerable customers through the current account closure process.”
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