Bank of Ireland Group PLC Update on UK Financial Services Partnerships (7343V)
05 Dezembro 2023 - 7:30AM
UK Regulatory
TIDMBIRG
RNS Number : 7343V
Bank of Ireland Group PLC
05 December 2023
Bank of Ireland Group plc (the "Group")
Update on UK financial services partnerships
5 December 2023
The Group is today announcing an update on its UK financial
services partnerships.
The Group is pleased to announce that its partnership with the
UK Post Office, through its Bank of Ireland (UK) plc subsidiary, is
being extended for a further five years to a minimum end date of
2031. The partnership will focus on savings products and no longer
provide Post Office branded mortgages or personal loans.
Separately, the Group's successful 50/50 joint venture with the UK
Post Office (First Rate Exchange Services) is unaffected and
continues to be the largest provider of consumer foreign exchange
in the UK.
Recognising the strategic objectives of both the Group and The
AA have evolved since the partnership was first agreed, the parties
have decided to conclude their partnership. As a result, the Group
will no longer provide unsecured personal loans and savings
products under The AA brand.
The Group has historically originated the vast majority of its
UK unsecured personal loans through these partnerships. The Group
has reduced this portfolio during 2023, with balances expected to
be c.EUR1.3 billion at end December 2023.
Ends
For further information please contact:
Bank of Ireland
Mark Spain, Group Chief Financial Officer +353 1 2508900 ext
43291
Eamonn Hughes, Chief Sustainability & Investor Relations
Officer +353 (0)87 2026325
Darach O'Leary, Head of Group Investor Relations +353 (0)87
9480650
Damien Garvey, Head of Group External Communications and Public Affairs +353 (0)86 8314435
The Group has been advised by J&E Davy on the extension of
its UK PO Financial Services Partnership.
Forward Looking Statement
This document contains forward-looking statements with respect
to certain of the Bank of Ireland Group plc (the 'Company' or 'BOIG
plc') and its subsidiaries' (collectively the 'Group' or 'BOIG plc
Group') plans and its current goals and expectations relating to
its future financial condition and performance, the markets in
which it operates and its future capital requirements. These
forward-looking statements often can be identified by the fact that
they do not relate only to historical or current facts. Generally,
but not always, words such as 'may, ' 'could,' 'should,' 'will,'
'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,' 'believe,'
'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would,' or their
negative variations or similar expressions identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking.
Examples of forward-looking statements include, among others:
statements regarding the Group's near term and longer term future
capital requirements and ratios, loan to deposit ratios, expected
impairment charges, the level of the Group's assets, the Group's
financial position, future income, business strategy, projected
costs, margins, future payment of dividends, future share buybacks,
the implementation of changes in respect of certain of the Group's
pension schemes, estimates of capital expenditures, discussions
with Irish, United Kingdom, European and other regulators, plans
and objectives for future operations, and the impact of Russia's
invasion of Ukraine particularly on certain of the above issues and
generally on the global and domestic economies. Such
forward-looking statements are inherently subject to risks and
uncertainties, and hence actual results may differ materially from
those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, but are not limited to,
those as set out in the Risk Management Report in the Group's
Annual Report for the year ended 31 December 2022. Investors should
also read 'Principal Risks and Uncertainties' in the Group's
Interim Report for the six months ended 30 June 2023 beginning on
page 25.
Nothing in this document should be considered to be a forecast
of future profitability, dividend forecast or financial position of
the Group and none of the information in this document is or is
intended to be a profit forecast, dividend forecast, or profit
estimate. Any forward-looking statement speaks only as at the date
it is made. The Group does not undertake to release publicly any
revision to these forward-looking statements to reflect events,
circumstances or unanticipated events occurring after the date
hereof.
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