State gets first new overseas bank in 20 years in challenge to the big two
Avant Money has become the first fully-fledged bank in this market since 2005, a move that marks a new era in banking in this country.
The Spanish-owned operation already offers mortgages, credit cards and personal loans in this country, but will now add deposits to its offering.
Avant Money is part of Spanish banking group Bankinter, a top 50 European bank.
Bankinter entered the Republic in 2019 through the acquisition of AvantCard, a credit card and consumer finance business, from US investment group Apollo.
Since its acquisition by the Spanish bank, Avant Money has grown its loan book from €379m in 2018 to over €3.9bn, it said.
Avant Money is now a fully licensed bank in the Irish market. It is keeping its Avant Money name for now but it is expected to change to the Bankinter brand in time.
It will not have a branch network, but will continue to sell mortgages through brokers, and offer other products online and digitally.
Chief executive of Avant Money in Ireland Niall Corbett…
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