Avant Money builds up €100m deposit book in first half after entry into savings market
Avant Money, a unit of the Spanish banking group Bankinter, has successfully built a €100 million deposit book in Ireland within six months of entering the savings market. The company also reported a 19% increase in pretax profit, driven by growth in its mortgage and personal loan portfolios.
Why it matters
The entry of new players into the Irish banking sector provides more competition for traditional banks and offers consumers more options for savings.
Avant Money built up a deposit book of €100 million in the first half of the year after entering this segment of the banking market.
The unit of Spanish banking group Bankinter became a full-licenced branch of its parent last year and began a soft launch of savings accounts for a limited number of customers in October before officially launching in February.
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