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    BIRG   IE00BD1RP616

BANK OF IRELAND GROUP PLC

(BIRG)
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Bank of Ireland Set to Buy KBC Bank Ireland's Performing Loans, Liabilities

04/16/2021 | 12:54am EDT

By Sabela Ojea

Bank of Ireland Group PLC said Friday that it has entered into a memorandum of understanding with KBC Bank Ireland to potentially acquire all of its performing loan assets and liabilities.

The transaction would result in Belgium-based KBC Group NV's withdrawal from the Irish market, as it is also looking to divest its non-performing mortgage loan portfolio. KBC Bank said it remains committed to providing retail banking and insurance services while discussions continue.

The transaction remains subject to customary due diligence, further negotiation and agreement of final terms and regulatory approvals.

For 2020, KBC Bank Ireland booked a loss of 55.4 million euros ($66.3 million). It reported total loans and advances to customers of EUR9.95 billion and customer deposits of EUR5.0 billion as of Dec. 31.

KBC's potential withdrawal from Ireland follows NatWest Group PLC's similar decision in February to divest its Ulster Bank arm. KBC Group Chief Executive Johan Thijs said the decision was due to the "challenging operational context for European banks".

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

04-16-21 0254ET

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF IRELAND GROUP PLC 0.86% 4.934 Real-time Quote.48.24%
KBC GROUPE SA -0.69% 66.12 Real-time Quote.15.43%
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Financials
Sales 2021 2 660 M 3 208 M 3 208 M
Net income 2021 160 M 192 M 192 M
Net Debt 2021 - - -
P/E ratio 2021 24,8x
Yield 2021 1,85%
Capitalization 5 243 M 6 321 M 6 325 M
Capi. / Sales 2021 1,97x
Capi. / Sales 2022 1,96x
Nbr of Employees 9 782
Free-Float 85,6%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 4,63 €
Last Close Price 4,93 €
Spread / Highest target 48,0%
Spread / Average Target -6,20%
Spread / Lowest Target -60,5%
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Managers and Directors
NameTitle
Francesca Jane McDonagh Chief Executive Officer & Executive Director
Myles O’Grady Chief Financial Officer & Executive Director
Patrick Thomas Kennedy Chairman
Jackie Noakes Group Chief Operating Officer
Fiona Muldoon Independent Non-Executive Director
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