Avant Money has informed its customers that it has begun the process of becoming the Irish branch of Spanish lender Bankinter.
In April 2024, Bankinter announced that it intended to use its subsidiary Avant Money as an Irish banking branch.
The company said the move would enable it to offer a wider range of financial products and services here into the future.
Initially the new business will begin with offering deposit products, on top of the mortgages, personal loans and credit cards it currently provides, with an expectation that other services will follow.
In a letter to customers, Avant Money said that from 1 April, or shortly afterwards, it will merge into a newly established Irish branch of Bankinter.
"This means we will be able to introduce a wider range of banking products, building on our existing offering of credit cards, personal loans, and mortgages - promoting healthy competition in the Irish market," the bank said in its update to customers.
The letter stated that there will be no change to the terms and conditions of accounts, and that repayment methods and account details will remain the same.
"Bankinter is authorised by Banco de España (the central bank in Spain) and will be regulated by the Central
Bank of Ireland for conduct of business rules," Avant Money said.
"This means you will continue to be protected by all the same rights and protections including those in the Consumer Protection Code and the General Data Protection regulation (GDPR)," it added.
