April 26, 2024 11:25 GMT
Bankinter Into Ireland; Increasing Competition
FINANCIALS
Bankinter to enter the Irish banking market – increasing competition in that market.
- Bankinter already has a business in Ireland, via Avant Money since 2019 and does have a EUR2.4bn mortgage book, aside from the consumer finance business.
- The bank has announced that it intends to restructure its business there, incorporate a branch and enter the deposit market – which will also likely enable greater business growth on the asset side.
- Irish banking has seen most overseas businesses withdraw, reducing competition and being one of the drivers of positive margin performance by the local banks (Allied Irish, Bank of Ireland and PermanentTSB). This could begin to reverse just as the tailwind from rising rates abates for the banks, too.
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