Bankinter opens Portugal branch
Bankinter has opened an office in Portugal following the approval of Barclays’ local branch acquisition.
The opening of the office followed the approval of both the ECB and Bank of Portugal of Bankinter’s acquisition of Barclays’ retail arm in the country.
In parallel, the Insurance and Pension Funds Supervisory Authority (ASF) has authorised Bankinter Seguros de Vida, a company controlled at 50% by Bankinter and Mapfre, to constitute a Portuguese branch and to complete the purchase of the life insurance and pensions business with which Barclays operates in the Portuguese market.
Bankinter said that a merging process will now begin, which will last approximately twelve months, in order to integrate the staff, installations, operating systems, technological platforms, policies and business models of both banks.
“Bankinter has had Portugal in its sights for some time due to its proximity and potential, with an economy that has started out on the path to recovery and a financial system that benefits from greater margins than that of Spain and is currently in the process of consolidation and restructuring,” the Spanish bank said.
Through the retail business of Barclays in Portugal Bankinter will gain access to a credit portfolio of €4,881m; €2,936m in assets managed off the balance sheet; a network of 84 branches; 1000 employees and more than 185,000 customers, of which 20,300 are companies.
Following this, the operation will enable Bankinter to increase its credit portfolio by 11.3% – up to €47,993m -, its assets managed off the balance sheet by 15% – exceeding €23bn – and its client base by 30%, reaching 812,000 customers.