Bankinter has successfully completed the integration of Bankinter Consumer Finance and strengthened its Consumer Finance and Payments business
The merger by absorption simplifies the Group's structure and fully integrates the capabilities of the consumer finance business into the Bank, strengthening its growth potential.
The technological integration was finalised a few days after the merger by absorption, the deed for which was filed with the Companies Register last Wednesday.
Summary generated with artificial intelligence:
Bankinter has finalised the full integration of its subsidiary, Bankinter Consumer Finance, following the successful completion of the technological integration. The Bank previously executed the merger by absorption of the subsidiary last Wednesday, submitting it to the Madrid Companies Register after obtaining the relevant regulatory authorisations. The transaction represents a significant step forward in simplifying the Group’s structure and strengthening its capabilities in the consumer finance and payment methods business.
The transaction is in line with Bankinter’s strategy to strengthen this activity as one of its growth drivers in a financial sector undergoing transformation, defined by digitalisation and changing consumer habits. Furthermore, the integration of organisational structures facilitates the transition towards a more coordinated and efficient management model, encouraging a more integrated management of business capabilities and the generation of synergies.
It is worth noting that Bankinter Consumer Finance has played a key role in the Group’s development, making a significant contribution to both business volume and the growth of specialised capabilities in areas such as consumer finance, digital marketing, advanced data analytics and agile product design.
A success story in consumer finance in Spain
Bankinter Consumer Finance has built a success story in the area of consumer finance in Spain, with a track record spanning more than 20 years in Spain and a presence in Portugal since 2016 and in Ireland since 2019. The initial boost came after Bankinter reached an agreement with Capital One for Bankinter Consumer Finance to take over the entire consumer lending portfolio that, until 2007, had been shared equally by both entities.
Now, with this integration, the consumer finance business will continue to be strategic for Bankinter's progress. The subsidiary's capabilities have now been fully integrated into Bankinter, enhancing its value proposition and strengthening its competitive position. The workforce, too, has now been fully integrated into the Bank.
The strategic decision to integrate the business forms part of the creation of the general directorate for consumer affairs, payments and new business, announced by the Bank last November and designed to foster innovation and the development of solutions tailored to customers’ changing needs. The initiative aims to strengthen Bankinter’s presence in the payments ecosystem, marked by the emergence of new operators and the growing digitalisation of financial services.
From the customer’s perspective, the integration process has proceeded smoothly, with no impact on day-to-day operations and preserving the continuity of customer relationships with the Bank. The products, terms and conditions and customer service channels in force at the time of integration remain unchanged. The improvements resulting from the integration are primarily focused on the medium and long term, through the strengthening of the product range and the optimisation of internal processes.
Through this transaction, Bankinter is strengthening its capacity to develop value propositions in financing and payment methods, drawing on the combination of its financial soundness and its specialisation in consumer business. The integration will enable the Bank to make progress in designing more comprehensive, efficient solutions tailored to the market’s evolving needs.