| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


IIB Bank rebranded as KBC Bank Ireland; Opts out of Irish State banking guarantee scheme following €3.5 billion capital injection by Belgian government into parent bank
By Finfacts Team
Oct 30, 2008 - 4:32:03 PM

Email this article
 Printer friendly page

KBC Bank Ireland Chief Executive Ted Marah

IIB Bank plc has today officially renamed and rebranded its operations in Ireland to KBC Bank Ireland plc. The move by the bank which is 100% owned by Belgian parent KBC Bank NV will see closer alignment of the bank within the group's global network. KBC Bank Ireland has said that, following a €3.5 billion injection of capital by the Belgian government into its parent bank on Monday, the bank has opted not to sign up to the Irish State banking guarantee scheme.

Speaking at the announcement KBC Bank Ireland Chief Executive, Ted Marah said, "The name change from IIB Bank to KBC Bank Ireland plc represents a new and very exciting phase in the IIB and KBC relationship which commenced in 1978. The move will further strengthen the group's position in Ireland and will allow us to further leverage off KBC Groups strength and global reach to meet the needs of our business and personal clients."

Guido Segers, KBC Bank Ireland Chairman said, "KBC Bank is a leading global bank and employs approximately 700 people in Ireland. The branding move is recognition of KBC Group's confidence in its operations here, in the Irish economy and in the resilience of Irish business. We see this move as a significant milestone in our presence in Ireland in terms of the future growth of our businesses here and the opportunities for Irish business through KBC's global network."

Marah added, "KBC Bank Ireland is very aligned to the successful business approach of KBC globally. In Ireland, our success is founded on the strong relationships built with our customers and business partners and having dedicated and professional staff committed to growing and developing those relationships. This winning formula will allow us to continue to build KBC's business in Ireland".

In concluding he said, "As a global operator, KBC's range of products and services, geographic distribution and global brand recognition will assist further growth. The new brand change undoubtedly broadens the scope of our operations in Ireland and adds emphasis to our core message 'Local Knowledge, Global Reach'. Most importantly we are now in a position to more clearly demonstrate this and the benefits of our global parentage."

KBC Bank Ireland has become the second foreign-owned bank to opt out of the State guarantee scheme after Halifax-Bank of Scotland (HBOS) Ireland, said on Tuesday, it would maintain "a competitive edge" by staying outside the scheme.

KBC said it had chosen not to join "in the light of KBC's strong liquidity and capital position, the further strengthening of this position through the agreement with the Belgian government and after having fully considered the terms and conditions of the Irish scheme". The decision was made by the Irish bank in consultation with its parent based in Brussels.

The bank said it was grateful to Minister for Finance Brian Lenihan for opening the scheme up to the bank and acknowledged "the positive effect the scheme's establishment had on the stability of the financial system".

It said that the €3.5 billion capital injection into KBC in Belgium had pushed the bank's tier-one capital ratio - a key measure of a bank's financial ability to absorb future losses - to 10.7 per cent placing it "among the best-capitalised banks  Europe".

Ted Marah said KBC in Belgium was a "very healthy and strong bank" and the bank felt this was adequate for Irish customers.

KBC is the fifth-largest mortgage lender in Ireland, selling about 90 per cent of its property loans through mortgage brokers. The bank has loans of about €19 billion, split 60:40 between personal and business customers.

About 10 per cent of the loan book is secured on commercial property and development.

Related Articles
Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

Irish
Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%