The Competition and Consumer Protection Commission (CCPC) has cleared the sale of KBC Bank's loan portfolio to Bank of Ireland subject to a number of conditions.
The competition watchdog launched an investigation into the proposed purchase worth €9 billion after "significant concerns" were raised following KBC's exit from the mortgage market.
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There were fears that the acquisition would affect competition for consumers but Bank of Ireland has agreed to a number of provisions such as honouring the fixed rate of existing KBC mortgages.
KBC customers do not need to take any immediate action as the agreement remains subject to ministerial approval.
