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Spain’s Bankinter to enter Irish banking market

  • 26-04-2024 9:00am
    #1
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,519 Mod ✭✭✭✭


    Spanish banking group Bankinter is planning to enter the Irish banking market on the back of success in its fledgling Avant Money mortgage and consumer finance offering, according to sources.

    The lender initially plans to passport in banking services, including a deposits offering, under its Spanish licence but using the Avant Money brand. It is believed that it will ultimately aim to secure a full Irish banking permit. Sources said that the bank will be digital based, rather than using the traditional branches model.

    Passporting through the EU’s Single Market allows a firm with a licence in one EU member to operate throughout the bloc.

    A formal announcement is expected later on Friday. It will likely be seen as a significant boost for competition here following a slew of overseas banking exits since the financial crash. Retail banking here is currently dominated by AIB, Bank of Ireland and Permanent TSB.

    https://www.irishtimes.com/business/financial-services/2024/04/26/spains-bankinter-to-enter-irish-banking-market/



Comments

  • #2
    zell12
    Registered Users, Registered Users 2 Posts: 25,881 ✭✭✭✭zell12


    It is already here with credit card, personal loan and mortgages: €3bn lent

    https://www.independent.ie/business/personal-finance/avant-moneys-loan-books-hits-3bn-while-dilosk-eyes-expansion/a1860531111.html



  • #3
    Delta2113
    Registered Users, Registered Users 2 Posts: 2,750 ✭✭✭Delta2113


    Another FREE online Current Account alternative hopefully and if they could offer high rates on Deposit and automatically deduct DIRT they could do well.



  • #4
    feargantae
    Registered Users Posts: 612 ✭✭✭feargantae


    I hope they do something like what AIB/BOI and allow cash lodgments in An Post

    Hopefully it'll be a no fees account as well



  • #5
    jrmb
    Registered Users, Registered Users 2 Posts: 706 ✭✭✭jrmb


    I'd love to see a selection of different accounts at different monthly rates, like they do in France and a bit like Revolut. With Credit Agricole, there's a €2/month option. You don't get things like an overdraft or branch service, but for years in Ireland I couldn't get them anyway.



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