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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBank of Ireland will allow the promotional activity twice a year until the end of December 2016.