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New Spin: Successful Spanish Direct Banking Segment Gains Independence
Bankinter SA (BKT SM), one of the major banks in Spain in operation since 1955, has announced the separation of its successful direct banking segment, Linea Directa Aseguradora. Originally founded as a joint venture with Direct Line Insurance Group Plc (DLG LN) in 1995, it was the first bank in Spain to offer online services and became a wholly-owned subsidiary of BKT in 2009. The business has demonstrated its viability in generating value, so now will become independent to further drive growth.

  • Direct Insurance Lines (Spin) is a Strong Revenue Driver for BKT SM / 19% of Income Before Tax in 2019
  • Founded as 50/50 Joint Venure in 1995, BKT Bought Out Full Stake in 2009
  • CEO at 2020 AGM: "If the Insurer Continued to be Successful, It Should One Day be Listed"
  • Management Refused to Sell Segment / Retaining 17.4% Stake to Continue to See Benefits of Growth
  • Expected Completion 2H 2020 / BKT SM Enters the Upcoming EUR Spinoff Calendar
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