Head of team: Yvonne Glynn, general counsel

Team size: Eight

What are the most significant cases and transactions that your legal team has recently been involved in?

In February 2023, KBC Bank Ireland (‘KBCI’) closed a transaction whereby substantially all KBCI’s performing loan assets, deposit accounts, and a small portfolio of non-performing mortgages and credit card balances were acquired by another entity. The acquisition was for an initial total consideration of c. €6.4bn and involved a diverse range of products including c. €7.6bn of performing mortgages, c. €0.1bn of commercial and consumer loans, c. €0.2bn of non-performing mortgages, and €1.8bn of deposits. Approximately 150,000 customers were transferred.

The transaction involved two years of high intensity, complex work by the KBCI in-house legal department. The proposed transaction was first announced in April 2021 and in October 2021 a legally binding agreement was signed between KBCI and the acquiring entity. As the transaction was subject to regulatory and government ministerial approval, the legal department also advised and supported on both a preliminary and full investigation by the Irish Competition and Consumer Protection Commission (CCPC). The transaction received approval from the CCPC in May 2022 and from the Minister for Finance of Ireland in December 2022. The sale completed in February 2023.

During this period, the KBCI legal department also advised on another separate and significant transaction concerning the sale of a non-performing mortgage loan portfolio of c €1.1bn.

In addition to managing the above transactions, the KBCI legal department continues to support and advise on the day-to-day business activities of KBCI and the activities that will support the orderly exit of KBCI from the Irish market.

What has been the number one challenge that has impacted you over the past year?

The purpose of the transactions we have advised on has been to facilitate the bank’s orderly exit from the Irish market. The breadth and complexity of that process has required constant cross-departmental collaboration, senior stakeholder management, and engagement with external counsel. The process has demanded that team members effectively and efficiently manage and respond to the unexpected. Being a small team has helped us be agile, adaptable, and stay aligned as a legal function. In the context of the bank’s strategic objectives and the impact it will have on our employment and on that of our colleagues, we are proud to have maintained a steadfast commitment to contributing to their successful delivery.