Avant Money has today officially become a branch of the Bankinter Group, Spain’s fifth biggest bank.
The move means that Avant Money, which has a 7% share of the mortgage market here, is now a fully licensed bank in the Irish market.
Bankinter has set up its new Irish banking branch after the successful passporting notification process that involved the Bank of Spain, the European Central Bank and the Central Bank here.
Backed by Bankinter, Avant Money is set to deliver a broader range of products, starting with the launch of deposit accounts, along with its existing loan, credit card and mortgage services.
Niall Corbett, CEO of Avant Money in Ireland, said today’s move strengthens Avant’s ability to offer Irish consumers a broader range of products and services.
“With Bankinter’s backing, we’re excited to leverage our 28-year heritage in Ireland and build on the immense potential this market holds,” he added.
Since its acquisition by the Spanish bank in 2019, Avant Money has grown its loan book from €379m in 2018 to over €3.9 billion today.
Alfonso Saez, Director General and CEO of Bankinter Consumer Finance, said the bank’s investment in Avant Money represents its deep commitment to the Irish market.
“The evolution of Avant Money to a full branch of Bankinter will create even more opportunities for innovation and competition in Ireland’s banking sector,” he added
Bankinter will continue to offer products under the Avant Money brand for a period, before fully transitioning to the Bankinter brand.
Minister for Finance Paschal Donohoe said the designation of Avant Money as an official branch of Bankinter is a positive development for the Irish banking sector.
“It enhances competition, offers more choice to consumers, and contributes to strengthening Ireland’s financial system,” Mr Donohoe said.
“Bankinter’s commitment to the market here is further testament to the resilience of the banking sector. The Government continues to prioritise fostering a diverse and competitive banking landscape, and this move aligns with those objectives,” he added.
