REG - Bank of Ireland Grp - Update on UK Financial Services Partnerships

Bank of IrelandAnnouncement

05/12/2023 10:30

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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.€1.3 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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