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Bankinter will integrate EVO Banco into its own structure to boost the Group's digital transformation

Bankinter expects to complete the integration in the first half of 2025.

Customers of EVO Banco will continue to operate completely online while benefiting from the full range of Bankinter's capabilities, products and services.

EVO Banco employees will join Bankinter, where they will continue to develop innovative digital products and services.

At its meeting today, Bankinter's board of directors made the decision to integrate EVO Banco into the Bankinter structure as a means of maximising the synergies between the two banks and boosting the Group's digital transformation.

Once the relevant regulatory authorisations have been obtained, Bankinter expects to complete the process launched today in the first half of 2025 with the full integration of EVO Banco's customers, business and employees into the Bankinter structure.

Following the integration of the subsidiary, EVO customers will continue to operate completely online but will simultaneously benefit from all the capabilities of Bankinter Group, including a wide range of products and financial services and an excellent omnichannel service. In return, Bankinter customers will have access to new functionalities and any digital innovations that are developed in the future. The integration boosts Bankinter's digital value proposition, which from now on will be a key pillar of its distribution model.

EVO Banco employees will join Bankinter Group, where they will continue to develop innovative digital products and services that boost Bankinter's digital leadership in all business lines and in all geographies in which it operates: Spain, Portugal, Ireland and Luxembourg.

As part of the growth plan recently launched by the new chief executive officer, Gloria Ortiz, the initiative is primarily aimed at continuing to strengthen the Group's profitability and efficiency while maximising the value delivered to shareholders.

 

Acquisition in 2019, together with the Irish finance company Avant Money.

Bankinter acquired EVO Banco in 2019 with the aim of turning it into the Group's digital laboratory from which to launch new products and services with a more disruptive concept and anticipating future trends in banking. Five years later, every objective has been fully achieved.

At the time of its acquisition, which was carried out jointly with the Irish finance company Avant Money, Bankinter announced that the purchase was key because it represented a notable boost to its digital strategy. As the Bank said at the time, EVO was a well-known brand in the market that would allow Bankinter to expand its customer base and explore new aspects of the financial business, complementary to its own, from an innovative and completely digital approach designed to manage large volumes at lower costs.

Five years after the acquisition, EVO Banco has reached its break-even point and demonstrated its ability to create a profitable digital business value proposition. Bankinter therefore believes the time is ripe to promote EVO as a driver of innovation and an integral part of the Bank's value proposition for all of its digital customers within the same structure.

Bankinter expects to complete the integration in the first half of 2025 and will inform customers about the details of the process in due course.

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