Bankinter

Bankinter Making Waves in Irish Banking Market Through Avant Money Expansion

Exciting news for Irish banking as Spanish bank Bankinter plans to shake up the market with Avant Money's entry. Minister for Finance Michael McGrath TD expresses enthusiasm.

Bankinter, the Spanish lender, is making a significant move into the Irish banking market through its subsidiary Avant Money. The bank aims to provide competition by offering online banking services, a departure from the traditional branch model. Initially, Bankinter will offer services like deposits under its existing Spanish license until it obtains the necessary Irish permit.

The Minister for Finance, Michael McGrath T.D., has welcomed Bankinter's decision to enter the Irish market. He emphasized the positive impact this move will have on households, businesses, and consumers in Ireland. This expansion comes as good news, signaling a potential boost to the Irish banking sector.

Bankinter's strategy includes a focus on the deposit market in Ireland. By applying for a full Irish banking license, the bank is positioning itself to directly compete with existing Irish banks. This move showcases Bankinter's commitment to establishing a strong presence in the Irish financial landscape.

Bankinter's entry marks a significant milestone as the first new entrant in the Irish banking market since 2005, following a period of exits post the financial crash. The bank's existing presence through Avant Money mortgages sets the stage for a broader range of financial services to be offered in Ireland. With this development, Bankinter aims to provide a fresh perspective and increased choice to Irish consumers.