KBC Bank reaffirms commitment to Ireland

There's some good news for staff and customers of KBC Bank.

The Belgian bank has announced it will retain its business here and is committed to "long term investment in Ireland".

It's also reported net profit of €227m after tax and impairment for the year, up from €75m in 2015.

Wim Verbraeken - CEO of KBC Bank Ireland - outlines the reasons for its decision to stay here: "We believe we have the people in Ireland with the right skills, the energy and determination to do this and we are ready to support them.

"In the medium and long-term this customer-centric approach will result in a sustainable future-proof business model and financial results for KBC Bank Ireland, to the benefit of its customers, staff and all other stakeholders.”

The Finance Minister has welcomed the news that KBC Bank is to stay in Ireland.

Michael Noonan says the decision by the Belgian bank provides clarity for staff and customers after a period of uncertainty and is another strong sign of the recovery in Ireland.

Minister Noonan will meet with senior officials of the bank this afternoon.

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