Spanish lender Bankinter has signed an agreement with Smart Holdco to acquire EVO Banco’s banking operations in Spain as well as its consumer credit affiliate in Ireland, Avantcard.

However, EVO Finance – financial arm of Smart Holdco in Spain – is not a part of this acquisition.

EVO Banco has around 456,000 customers with €3bn in deposits and €800m in mortgages. The company employs 229 people.

Avantcard, which serves as a consumer finance company in Ireland, has 151,000 customers, €280m in ‘revolving’ card and deferred payment receivables and €66m in personal loans.

The acquisition is expected to bolster Bankinter strategic business portfolio of digital banking and consumer finance across two different geographies.

It also marks Bankinter’s entry in Ireland, further strengthening its presence in the EU region.

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The deal is expected to have minimal impact on the Bankinter capital of €99m.

At the end of June 2018, the company had a CET1 capital ratio of 11.55% which will fall to 11.26% after the deal closes.

Bankinter said that the new level will be much above the European Central Bank’s minimum requirements for the company this year.

The financial terms of the acquisition were not divulged but Bankinter said that the final consideration of the deal will be based on final customer strength and transferred assets, when the acquisition will close.

The deal is subject to regulatory approvals and other customary closing conditions.