The Spanish entity Bankinter announced this Wednesday that it will join the digital entity EVO Bank within its structure. The decision was made in today’s session of the Board of Directors of Bankinter, with the objective of “make the most of synergies between both entities and thus enhance the digital transformation of the Group.”
The company has started a process that will extend until the first half of 2025 to integrate the customers, business and employees of EVO Banco within the Bankinter structure. Although first you will need the authorizations necessary from the competent bodies and regulatory entities such as the National Securities Market Commission (CNMV).
As specified by the entity, with the absorption of EVO Banco, its clients will be able to continue operating completely digitally and, in addition, will have access to all the capabilities of the Bankinter Group. On the other hand, Bankinter customers will be able to enjoy new functionalities and future digital innovations, which will strengthen the company’s digital offer. The employees of the digital bank will join the Bankinter Group, where they will continue working on the development of digital products and services.
This initiative is part of the recent growth plan implemented by the new CEO, Gloria Ortiz and its main objective, according to the company’s press release, is to continue improving the Group’s profitability and efficiency, maximizing value for shareholders.
In fact, this is the second move made by Ortiz, who in April decided that the bank would establish a subsidiary in Ireland to operate under its own brand instead of through Avant Money with the aim of capturing deposits and offering other types of financial services. .
It is unknown if this integration under a single structure will imply the disappearance of the EVO brand or if it will be retained for certain businesses or services.
Bankinter acquired the businesses of EVO Banco and Avantcard, its consumer subsidiary in Ireland, in June 2019 with the aim of expanding the strategy to digital banking and doing so in two different geographical areas: Spain and Ireland. In this period, EVO has managed to reach ‘break even’ or balance in its net result.
For this reason, Bankinter considers that “the time has come for EVO to be promoted as an engine of innovation and become an integral part of the bank’s value proposition for all its digital clients under the same structure.”
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