Avant Money CEO Niall Corbett discusses the challenges and opportunities of establishing a retail bank presence in Ireland following the merger with Bankinter. The new Irish branch aims to offer innovative and transparent financial products to Irish consumers.
Avant Money CEO Niall Corbett is balancing the twin challenges of establishing a retail bank presence in Ireland and learning Spanish
Spain’s fifth-largest bank by assets entered the Irish market in 2019 through the purchase of Avantcard , before entering mortgages in late 2020 with rates starting at 1.95 per cent for fixed-term products, undercutting the cheapest home loans available at the time in the market.and KBC Bank Ireland, have since gone into wind-down after requiring large bailouts from their parents during the financial crisis.
The Irish business will work on an online model rather than relying on traditional bricks-and-mortar branches. It has 300 employees, two-thirds of whom are based in Carrick-on-Shannon, Co Leitrim, with the remainder working from Sandyford. The plan is to add about 30 new jobs this year, Corbett says.
Irish savers in effect subsidised borrowers during those ECB rate rises as domestic banks were also slower to pass on rate increases to mortgage holders – other than ECB rate-linked trackers – than the average European lender. Irish banks, therefore, have less scope now to reduce deposit rates than European peers to cope with the impact of the current point in the cycle where the ECB is cutting rates again.
“People were saying at the time that we weren’t going to be impacted ,” he recalls. “But by September 2007, I was certainly starting to think something could be happening here, too.” “Bad lending is good for no one. It’s not good for the person or company you’re lending to, it is not good for the economy – and its certainly not good for shareholders ,” he says. “But I’m also very commercial. We have to lend money to make money. It’s about getting the balance right.”
“I was 40 years old at the time and I was ready for a new challenge,” he says. “I have nothing bad to say about Bank of Ireland, but there was an opportunity to go into something that was small at the time and see if we could make something of it.” “This acquisition has worked,” he says. “From the get-go, they’ve been very clear with us about the importance of discipline in achieving objectives and becoming more efficient. But they’ve given us all the autonomy that we’ve wanted to drive the business.”
Finance BANKING IRELAND RETAIL BANKING MERGER BANKINTER AVANT MONEY
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bankinter to Open Irish Branch, Expanding Services with Avant MoneySpanish bank Bankinter is set to open a fully-fledged branch in Ireland under its Avant Money brand, marking its official entry into the Irish retail banking market. The move will allow Bankinter to offer a wider range of services, including deposit accounts, to its growing customer base.
Read more »
Horse Racing Ireland’s 2025 budget increases prize money to almost €71mLeading jockey JJ Slevin returns from extended injury lay-off with single mount at Thurles on Saturday
Read more »
Ireland weather: The 9 storms that hit Ireland in 2024 and the damage causedStorm downpours that have caused devastating flooding in some communities are 20 per cent more intense as a result of rising greenhouse emissions
Read more »
Trump's Visit to Ireland: An Opportunity for Ireland to Strengthen US TiesThis article discusses the importance of Ireland strengthening its ties with the United States in light of Donald Trump's presidency. It emphasizes the need for an early and proactive diplomatic and trade offensive by the new Irish government.
Read more »
Northern Ireland Issued with Ice Warning as Winter Strikes UK and IrelandAll six counties in Northern Ireland are under an ice warning from the UK Met Office as winter weather is expected to hit Ireland and Great Britain. Temperatures are set to drop below freezing overnight in the Republic of Ireland, making it likely that weather alerts will be issued soon. A Status Yellow ice warning is in effect for Northern Ireland until Thursday morning, with icy patches on roads and potential travel disruptions expected. Meanwhile, a three-day snow warning has been issued for most of England, Wales, and parts of Scotland.
Read more »
Latest Enterprise Ireland and trade figures underscore Ireland’s vulnerability to US protectionismIncoming US president Donald Trump says he will use tariffs, or at least the threat of tariffs, to improve the US trade balance
Read more »