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Bankinter completes purchase of EVO Banco's banking ops, Irish subsidiary

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Bankinter completes purchase of EVO Banco's banking ops, Irish subsidiary

Bankinter SA completed its acquisition of the banking operations of fellow Spanish lender EVO Banco SAU and its Irish consumer credit subsidiary, Avantcard Ireland Ltd., following regulatory approval from the ECB and the central banks of Spain and Ireland.

Financial terms of the deal were not disclosed.

Bankinter said the transaction will allow it to create value for shareholders with immediate effect and generate positive EPS, adding that it expects to see return on its double-digit invested capital in the medium term.

Evo Banco has some 452,000 customers, €3.05 billion in deposits and €745 million in mortgage loans. Avantcard has roughly 130,000 customers, a portfolio of €290 million of investment in credit cards and €105 million in personal loans.