The new bank is set to deliver a broader range of products, starting with the launch of deposit accounts, alongside its existing loan, credit card, and mortgage services.

Since its acquisition by the Spanish bank in 2019, Avant Money has quickly reshaped the Irish banking landscape, growing its loan book from €379m in 2018 to over €3.9bn today.

The lack of competition in Irish banking has been raised repeatedly as an element of concern made more acute by the departure in recent years of Ulster Bank and KBC.

"Consumers deserve more choice, competitive rates, and improved customer service," CEO of Avant Money Niall Corbett said. 

"We’re just getting started. The future is bright, and we’re looking forward to delivering even more value to our customers in the years ahead.”

Minister for finance Paschal Donohoe said the designation of Avant Money as an official branch of Bankinter is a positive development for the Irish banking sector. "It enhances competition, offers more choice to consumers, and contributes to strengthening Ireland’s financial system," he said.

Bankinter’s commitment to the market here is further testament to the resilience of the banking sector."

Alfonso Saez, director general and CEO of Bankinter Consumer Finance, said: “Our investment in Avant Money represents our deep commitment to the Irish market. The evolution of Avant Money to a full branch of Bankinter will create even more opportunities for innovation and competition in Ireland’s banking sector.

"This integration will help Avant Money build on its strong foundation in Ireland, where its market share in the mortgage segment is approximately 7%.

"It also sets the stage for faster expansion into new product categories, starting with the introduction of deposit accounts in the second half of the year, as it becomes a full-service bank in Ireland.

"Bankinter will continue to offer products under the Avant Money brand for a period, before fully transitioning to the Bankinter brand."