KBC will remain in Ireland after reporting bumper profits
The company said it wants to be the ‘main challenger bank’ in the country.
KBC BANK IRELAND has said it has no plans to move from Ireland as it reported a full-year net profit of €227 million.
The Belgian bank, which employs over 1,000 staff in the country, said it is committed to long-term investment in Ireland after a significant increase in profits.
The lender had been considering pulling out of the Irish market after flagging a possible sale – although, as previously detailed on Fora, it was expected KBC would opt for the status quo.
In a statement this morning, the bank said it will “pursue a fully fledged sustainable growth strategy based on implementation of a ‘digital first’ customer-centric strategy”.
Speaking about the bank’s future in Ireland, KBC Ireland boss Wim Verbraeken said: “I am pleased to report on a very successful 2016 – sustaining and building on our return to profitability in 2015 and adding 70,000 new customer accounts.
“I also welcome KBC Group’s decision to commit to the future of the Irish business and our customers here by making Ireland one of its core markets.”
Investment
The bank said its decision would be “fantastic news for customers and staff” and would result in more competition in the market. The Irish banking sector is currently dominated by the duopoly of Bank of Ireland and AIB.
“KBC has been here for over 40 years, we’ve invested heavily through the recent challenging period, built a strong and compelling retail bank, and are looking forward to becoming the main challenger bank here,” Verbraeken said
The bank employs over 1,000 people in Ireland with retail banking hubs in Dublin, Cork, Galway, Limerick, Kildare, Waterford, Wicklow and Kilkenny. Its statement this morning said its growth plans meant it will “continue to create employment in Ireland”.
Written by Garreth MacNamee and posted on TheJournal.ie. Additional reporting Peter Bodkin.
