Latest news with #Bankinter
Irish Times
a day ago
- Business
- Irish Times
Avant Money cuts interest rate to below 3% ahead of expected ECB cut
Avant Money has cut its mortgage rates to below 3 per cent, ahead of an expected reduction by the European Central Bank . The lender said interest rates on its new Flex Mortgage product will now start from 2.98 per cent, due to the continued fall in the 12-month Euribor rate. Avant Money introduced the Flex Mortgage in March, linking its interest rate to the 12-month Euribor. The rates are automatically adjusted annually. Avant Money's head of mortgages Brian Lande said the company's Flex Mortgage was a 'game-changer' for borrowers. READ MORE 'By aligning with the 12-month Euribor, it offers a level of transparency and responsiveness you won't find in traditional variable rate products here in Ireland,' he said. 'Customers benefit from a clear link to European market rates, with annual rate updates they can plan for, and the freedom to manage their mortgage on their own terms. This is another step in our mission to give people in Ireland more control, more clarity and more choice when it comes to their home loan.' The new rate will be effective from drawdowns on the Flex Mortgage product from June 10th. The ECB is expected to expected to cut interest rates by a further quarter point today as inflation continues to cool and amid a slowdown in global trade from US tariffs. Avant Money, led by chief executive Niall Corbett, officially became a branch of Bankinter at the start of April. It plans to initially focus on expanding its product range this year to deposits.
Finextra
3 days ago
- Business
- Finextra
BME showcases new FX settlement system
BME has presented today, at an event held at the Madrid Stock Exchange Palace, its new foreign exchange transaction settlement system in payment versus payment mode (FXS), which recently received approval from the Bank of Spain. 0 This new system is part of its global project to provide secure and innovative solutions to participants in the foreign exchange market (Forex). In line with this objective, BME has developed a comprehensive set of services that encompasses the entire value chain of foreign exchange operations, from trading to settlement of transactions in this market, which is the largest traded volume globally, with more than 7.5 trillion dollars executed per day. The new FXS settlement system complements these services by improving efficiency and reducing the risks of currency transaction settlement compared to bilateral settlement. The event featured the participation of Banca March, which announced its adherence to this payment system a week ago, and Bankinter, which is the first liquidity provider of this new system. In the opening speech of the event, Xavier Aguilá, General Director of BME Clearing, commented that this project arises from the demand of Spanish banking entities, given the challenges posed by the transformation that the foreign exchange markets are experiencing, driven both by technological development and the entry of new participants, as well as regulatory initiatives such as the FX Global Code. In this context, the entities have identified the need for greater automation of processes and solutions to limit the risks associated with bilateral settlement of transactions as the main difficulties in their operations. Next, José Parga, Head of BME FX, presented the services developed by BME to respond to this demand: a trading platform that includes a technological solution for the digitization of foreign exchange transaction flows in banks and financial entities, facilitating operations in both Spot currency and xRolling FX futures traded on MEFF; and the FXS settlement solution, the payment system operated by BME to eliminate principal risk in the settlement of transactions between these entities. Precisely on the challenges faced in this operation and the solutions that FXS can provide, the panel developed next, moderated by Paula Fernández, head of FXS at BME, focused. In their interventions, Sergio Jiménez, Head of FX&Stir trading at Bankinter, and Jeroni Alomar, Director of Control and Treasury at Banca March, highlighted the difficulties related to the greater need for digitization and control to mitigate the risks associated with settlement, in a clearly competitive environment with an increasing number of counterparties. On the other hand, María José García, Head of the Surveillance Unit of the Payment Systems Department at the Bank of Spain, explained the role that Central Banks play in adopting mechanisms that mitigate these risks. In fact, Sergio Jiménez pointed out that the application of these measures is proving to have other beneficial effects on operations, such as increased transparency and competitiveness, which ultimately result in more efficient price creation. Jeroni Alomar also explained how payment versus payment mechanisms, combined with net settlement, contribute to limiting operational risks and facilitate liquidity management by treasury desks. The last part of the panel focused on exploring the advantages that FXS provides as a payment system under the supervision of the Bank of Spain, in terms of compliance with the PFMI-IOSCO principles for financial market infrastructures, and in relation to the comprehensive management of risks associated with the service. Finally, both participating entities, Bankinter and Banca March, shared their experience in implementing FXS in their operations. Jeroni Alomar, for his part, emphasised the ease of integrating FXS into Banca March's back-office operations and the advantages it provides in terms of security, liquidity management, and risk elimination. For Sergio Jiménez, the adoption of BME's solutions allows Bankinter to provide greater scalability to its currency business, increasing efficiency and competitiveness with the support of a neutral entity like BME.
Business Post
29-05-2025
- Business
- Business Post
John Cronin: As the state exits, it's high time we decided what we actually want from our banks
Business Post subscribers can read: • What Revolut, Bankinter and, potentially, Marcus could do to upend Irish banking • Which policies it's fair for policymakers to reconsider – and those it must avoid • The level of returns AIB and Bank of Ireland can expect to deliver over the coming years
Local Spain
28-05-2025
- Business
- Local Spain
How Bankinter's takeover of EVO affects bank customers in Spain
In July, EVO digital bank will become part of a bigger bank in Spain, Bankinter. The takeover means that the EVO, which was founded in 2012, has now become Bankinter's digital bank instead. If you're one of EVO Banco's 330,000 active customers (767,000 total) you will have recently received a letter explaining the merger and letting you know it will now be managed by Bankinter. For now former EVO Banco customers who had purchased financial products will maintain the same contractual terms they had before the acquisition, until the technological integration takes place and the bank informs them otherwise. Usually, banks standardise the terms and conditions of different products when a merger occurs, but Bankinter has not yet announced how this process will happen. It's important to remember though, that they will inform you in advance of changes that will be made. New products no longer available The main differences is that you can no longer purchase the old Banco EVO products, even if you were a former customer. This will probably include EVO's mortgage, one of the most competitive hipotecas on the market with an interest rate as low as 2.05 percent. Website and app will continue working until July Once the integration takes place in July, EVO customers will be considered Bankinter customers under the same conditions as their existing customers. For now though, you can continue using EVO Bank channels, such as the website and app. "Customers will continue to use their existing EVO products just as before and will use EVO's usual customer service channels. When the technological integration takes place, scheduled for July, Bankinter will assume EVO's customer portfolio," Bankinter sources told website Finect. When this happens, former EVO customers will be able to access all Bankinter products and services. Smart card changes to a credit card Another change is that EVO's former tarjeta inteligente or smart card which was a debit card is also set to become a standard credit card, with the difference that it will allow you to withdraw money from Bankinter ATMs. This is causing some complaints from customers. There are, however, multiple other card options, such as the Duo Debit Card, the Duo Credit Card, as well as the Visa Solidarios card to collaborate with NGO projects. "In addition, they will be able to access virtual cards that are highly sought after by EVO customers," the bank added. IBAN numbers change With regards to the former Smart Account, the IBAN number will also change, this could be an issue for those who have direct debits set up as these will no longer work. This means you will have to contact utility companies, the tax authorities and social security to change it. Interest savings account A further change is that your balance will be transferred to the interest-bearing savings account daily instead of every two weeks like EVO customers had before. According to Bankinter customers "will have access to a multitude of interest-bearing accounts offering up to 5 percent APR the first year and up to 2 percent APR the second. Covered limit The merger has another important change with regards to the amount you hold or held at either institution. The limit on the amount covered by the Spanish Deposit Guarantee Fund in the event of a bank failure is €100,000 per institution. This now applies to the balance held by customers in their accounts at both banks. "Your deposits and checking accounts are covered by the Deposit Guarantee Fund. Don't forget that the balance of the deposits and accounts you had at EVO Banco is added to those you hold or open at Bankinter up to a combined limit of €100,000," the bank explained. Mortgages If you have a mortgage with EVO this will remain under the same conditions, but the new offering will be made through Bankinter. "For mortgages and loans, the portfolio migrates to Bankinter without changes," the bank claims. Pensions Pensions with Bankinter will now have a much broader offering including Premium Plans, Lifecycle Plans, Fixed Income Plans, Variable Income Plans, Mixed Plans and Plans for the Self-Employed, in addition to Sustainable Pension Plans. This means you have more options than before
Reuters
21-05-2025
- Business
- Reuters
Bankinter bids for Brookfield's student residence platform, Cinco Dias reports
MADRID, May 21 (Reuters) - Spain's Bankinter ( opens new tab has submitted a binding bid for Livensa, a student accommodation platform owned by Canadian fund Brookfield ( opens new tab, in what would be one of the largest deals in the sector in recent years, Spain's Cinco Dias reported on Wednesday. The paper said that Bankinter was one of the parties interested in acquiring the platform, which is valued at around 1.2 billion euros ($1.36 billion), according to unidentified real estate sources. Bankinter declined to comment while Brookfield was not immediately available to comment. A source told Reuters that the Canadian fund CPPIB and venture capital giant KKR (KKR.N), opens new tab were also among the interested parties. CPPIB and KKR were not immediately available for comment. ($1 = 0.8821 euros)
