Avant Money, the consumer finance arm of Spain's Bankinter, is entering the Irish market, introducing digital banking services under its brand at first and later applying for a full Irish banking permit.
"Today's decision paves the way for the strategic expansion of our business. This is a clear commitment to Ireland from Bankinter and we look forward to bringing even more choice, value and competition to the market." - Niall Corbett, CEO of Avant Money.
The move by Bankinter is expected to shake up the Irish banking system by challenging the dominance of AIB, Bank of Ireland, and PTSB, which currently hold almost 90% of the new mortgages.
Bankinter's entry is likely to be a significant development in the Irish banking sector, providing a boost in competition after several foreign banking entities exited the market post the financial crash.
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