Bank of Ireland has, reportedly, allowed KBC Bank to promote its current account products to 350,000 personal customers.
The restructuring plan agreed with the European Commission in 2013 has allowed competitors to promote their products to Bank of Ireland customers. KBC becomes the first bank to avail the customer mobility service.
Go deeper with GlobalData
The KBC’s promotional material urges Bank of Ireland customers to switch their current accounts to their group to save money.
KBC was quoted by The Irish Times citing its covering letter as saying that as a Bank of Ireland customer, by changing current account to KBC and using KBC debit card for cashback to avoid any ATM charges, could allow saving up to 70.40 per year.
KBC spokesman said under EU state aid rules, Bank of Ireland committed to offer a customer mobility package to relevant competitors in Ireland.
"KBC Bank Ireland has availed of the measure and information on the KBC current account was recently distributed to Bank of Ireland customers. KBC does not have access to any Bank of Ireland customer information as part of the arrangement," spokesman added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBank of Ireland will allow the promotional activity twice a year until the end of December 2016.
