KBC to stop accepting applications for all products from July ahead of Irish exit

KBC has announced it will stop accepting applications for products in July ahead of its exit from the Irish market.

he bank said from July 15 it will no longer accept new applications for all products including current accounts, mortgages, personal deposits, personal loans, home, car and life insurance and personal credit cards.

In addition, KBC will no longer be accepting new applications for business banking products including business current accounts, business loans and business deposits, including client demand accounts.

The announcement follows last week’s approval by the Competition and Consumer Protection Commission for Bank of Ireland to take over KBC’s performing loans including mortgages, which remains subject to ministerial approval.

“KBC Bank Ireland understands that this is another significant milestone for customers, and we remain determined to support customers in every way possible, to meet our responsibilities and minimise to the greatest extent possible, the inconvenience caused to them,” the bank said in a statement.

“KBC Bank Ireland will continue to support existing customers with their day-to-day banking needs.

“KBC, also wishes to reiterate that, notwithstanding the decision to cease accepting new applications for all products, all necessary resources will be made available to customers throughout the current account migration process and KBC will continue to act as a safe handrail for them in the navigation of that process.

“Customer service remains the highest priority and KBC customers will continue to receive the service they deserve.”

It comes as KBC will begin contacting customers from tomorrow, June 1, to give them six months’ notice to close their current account.

The notice period has been extended from 90 days to six months to provide additional time for customers to switch their account or open a new account with a different provider.

Current accounts are not part of the transaction with Bank of Ireland and KBC will exit the Irish market irrespective of the outcome of the regulatory approval process for the Bank of Ireland transaction.

KBC has confirmed that it will not charge maintenance fees on current accounts from the time it starts issuing notice to customers of their account closure. As a result, its customers will not incur any extra fees and charges for having two accounts open at once.

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