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Matheson Advises Bank of Ireland on its Acquisition of KBC's Performing Loan Portfolios and Deposits

Matheson has advised Bank of Ireland on its acquisition of all of the performing loan assets and deposits of KBC Bank Ireland for about €5 billion as the Belgian lender withdraws from the Irish market.

The deal comprised the purchase of a portfolio of performing mortgage loans worth €8.8 billion, €4.4 billion of deposits, €300 million of non-performing mortgage loans, €100 million of performing commercial and consumer loans, as well as KBC Ireland’s credit card portfolio.  Completion of the acquisition remains subject to regulatory and competition clearances.

The Matheson team was led by partners Patrick Molloy (Finance and Capital Markets Group), Helen Kelly (EU, Competition and Regulatory Law Group), Caroline Kearns (Financial Institutions Group), Bryan Dunne (Employment Group) and senior associate, Elaine Long (Financial Institutions Group).  They were supported by a large team of Matheson specialists including partners Joe Beashel (Regulatory Risk Management and Compliance Group), Anne-Marie Bohan (Technology and Innovation Group), Paul Carroll (Finance and Capital Markets Group), and Gerry Thornton (Tax Group).

Patrick Molloy, Partner and Co-Head of the Finance and Capital Markets Department, said “We are delighted to have once again supported Bank of Ireland in what was one of the most significant transactions of the Irish banking market this year.  With the continued support of our clients, Matheson is well placed to advise on these transactions as a consistently highly ranked leading Finance and Capital Markets law firm, one with a dedicated Financial Institutions Group within our tier one Corporate M&A practice.”

Caroline Kearns, Corporate M&A partner in Matheson’s Financial Institutions Group said; “This is a landmark deal for Bank of Ireland and we are delighted to have advised them on it.  There continues to be a lot of M&A activity in the financial institutions sector across the European market, and Ireland has played a key part in that trend.  Irish M&A activity has reached record highs in 2021 and the financial services space has delivered the highest deal value in Ireland this year, including a number of megadeals with values of over €1 billion.”

 If you would any further information please feel free to contact Patrick Molloy, Caroline Kearns or your usual contact in Matheson’s Finance and Capital Markets or Corporate Mergers & Acquisitions Groups.