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."