Matheson is pleased to have advised Bank of Ireland on its acquisition of a number of portfolios from KBCI which completed on 3 February 2023. These portfolios total a value of €7.8 billion of loans and €1.8 billion of deposits. The loan portfolios consist of circa €7.6 billion of performing mortgages, €0.1 billion of SME and consumer loans and €0.1 billion of non-performing exposures. Following notification to the Competition and Consumer Protection Commission (the "CCPC") in April 2021, the CCPC carried out a preliminary investigation of the proposed acquisition and concluded that a full investigation was required to establish if the proposed transaction could lead to a substantial lessening of competition in the State. The CCPC approved the transaction in May 2022 following which the scheme of transfer was approved by the Minister for Finance in December 2022.
Congratulations to all involved.