KBC Bank Ireland Sells Remaining Non-performing Mortgage Loan Portfolio

KBC Bank Ireland confirmed it has reached agreement to sell a non-performing mortgage loan portfolio of about 1.1 billion euros--Private Dwelling House (PDH) and Buy to let (BTL) and a small number of non-mortgage non-performing loans-- in a transaction financed by funds managed by CarVal Investors.

Post completion, Pepper Finance Corporation (Ireland) DAC will be managing the loans as Legal Title Holder. Pepper is regulated by the Central Bank of Ireland. Customers will continue to have the same legal and regulatory protections after the sale.

The transaction is marginally capital accretive with a combined impact on the pro-forma the second-quarter of 2021 CET1 ratio of KBC Group of about 2bps. The risk-weighted assets decrease by 0.8 billion euros.

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