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Bank of Ireland Group PLC - Dublin-based lender - Notes statement from Competition & Consumer Protection Commission, which has come to the decision that the bank's acquisition of an EUR8.8 billion performing mortgages portfolio from Belgian bank-insurer KBC Bank is likely to lead to a substantial lessening of competition in the relation to the market for the provision of mortgages.
The Bank of Ireland is looking to make a detailed response to the assessment, and will cooperate with the CCPC until its final determination, which is expected to be issued during the second quarter of 2022.
Stockbroker Davy says: "Moving to the assessment stage was expected, and the finding by the Competition and Consumer Protection Commission is in line with its conclusion as it moved to Phase 2 of its investigation. Bank of Ireland will now have an opportunity to present its case, including potential commitments to address the concerns of the CCPC. Our base case remains that the transaction will be approved with commitments around market opening and perhaps new entrants likely."
Current stock price: EUR6.42
12-month change: up 87%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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