KBC Bank Ireland has said that as part of its planned exit from the Irish market, it will no longer accept new applications for all products from July 15.

This includes current accounts, mortgages, personal deposits, personal loans, home, car and life insurance and personal credit cards.

The Belgian-based bank also said it will no longer accept new applications for business banking products including business current accounts, business loans and business deposits.

Earlier this month, the Competition and Consumer Protection Commission cleared, subject to a number of legally binding conditions, the proposed €5 billion acquisition by Bank of Ireland of KBC Bank Ireland's performing loans and deposits.

The deal still remains subject to Ministerial approval.

KBC Bank Ireland said it understands that the move to cease new business here is another significant milestone for customers.

"We remain determined to support customers in every way possible, to meet our responsibilities and minimise to the greatest extent possible, the inconvenience caused to them. KBC Bank Ireland will continue to support existing customers with their day-to-day banking needs," the bank said in a statement.

KBC also said that despite its decision to stop accepting new applications for all products, all necessary resources will be made available to customers throughout the current account migration process.

"KBC will continue to act as a safe handrail for them in the navigation of that process," the bank said.

"Customer service remains the highest priority and KBC customers will continue to receive the service they deserve," it added

KBC is due to start sending out the first batch of account closure notification letters in June and these customers will have six months to close their accounts.

Letters to customers will issue on a rolling basis over the course of the remainder of this year and into early 2023, the bank added.

KBC said it will provide reminders to customers during this period through a combination of letters, emails and SMS messages.

KBC Bank has about 130,000 current accounts that are either active or have a balance and it estimates that 52,000 of these customers are expected to need to open a new account or move to a new provider.

97% of KBC's active current account customers mainly bank digitally with KBC through its online banking or mobile app.

The Belgian bank announced last year that it was leaving the Irish market.