Update on UK Financial Services Partnerships

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                                                                  [phone] ext 43291

Eamonn Hughes, Chief Sustainability & Investor Relations Officer                        [phone]

Darach O'Leary, Head of Group Investor Relations                                                   [phone] 

Damien Garvey, Head of Group External Communications and Public Affairs     [phone]

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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