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Spanish bank plans to shake up Irish market
(Pic: Shutterstock)

26 Apr 2024 / business Print

Spanish bank plans to shake up Irish market

Spanish bank Bankinter is to seek regulatory approval to offer what it describes as a “full range of financial products and services” in Ireland.

The bank is the parent company of Avant Money, which has been offering consumer loans, mortgages, and other services in Ireland.

In a statement, Bankinter said that it would re-organise its business in Ireland by acquiring all the shares in Avant Money from its subsidiary Bankinter Consumer Finance.

It will then set up Bankinter Ireland, which will operate as a branch of the parent company in Ireland.

Digital bank

"The branch will establish a permanent presence in Ireland and will continue to pursue the activities currently carried out by Avant Money in that country, subsequently extending to them include customer deposits and savings,” the Spanish bank stated.

It said that it current plans involved the phased roll-out of a consumer-oriented digital bank that would offer savings products to Irish consumers, with the possibility “at a later stage” of other financial services being added.

The Minister for Finance Michael McGrath described the development as “significant” for the Irish banking market, and “welcome news” for households, businesses, and consumers.

“Today’s announcement by a significant European bank is also a vote of confidence in the strength of the Irish economy,” he added.

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Gazette.ie is the daily legal news site of the Law Society of Ireland