By Sabela Ojea
Bank of Ireland Group PLC said Friday that it has entered into a binding agreement with KBC Bank Ireland plc and KBC Group N.V. for the acquisition of around 8.8 billion euros ($10.23 billion) of performing mortgages and around EUR4.4 billion of deposits.
The Irish lender said it is also buying around GBP1 million of performing commercial and consumer loans, noting it will acquire the performing mortgages for 103.6% of par value, representing the fair value of the assets and demonstrating the quality of the portfolio.
The agreement has been signed with KBCI and KBC Group, the bank noted. KBC Group, the Belgian bank-insurer, is withdrawing from the Irish market.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix