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Online banking worth´s four times more than traditional banking

Irene Matías

Last week the average price of Spanish traditional banks was listed in the Ibex 35, including Santander (largest bank in the eurozone) and BBVA (also Spanish and situated among the 20 largest banks in the world) when Inversis sale was announced. The only pending operation held one more week is Banca March Group decision, owner of 5.1% of Inversis. The operation depends on the final decision of its eight partners. However, financial media reports today that March partners will welcome the financial operation, therefore Inversis will be acquired by Banca Privada D´Andorra (owner of Banco de Madrid) who will pay in the coming days € 215 million euros to the sellers.

The odd thing of all of this is that the traditional banks are the ones which will buy and sell Inversis. Indeed, Sabadell and Bankia were the two major partners (39.2% and 15.4%). The restructurations recorded in the last three years by the Spanish banks has forced banks to sell to recover their gains (nearly by double the investment cost to create Inversis). Other partners that have sold are Indra (13%), El Corte Inglés (10.1%), Cajamar (9%), Telefonica (5.2) and Alberto Alcocer and Alberto Cortina (about 3%) remaining.

The entrepreneurs and financiers Alberto Alcocer and Alberto Cortina were also founding members and binders of the project from the beginning. In any case, beyond the benefits they have generated from the 3% of Inversis sale, they have perfectly pictured the future as when they branched out Construction and Contracts especialized in construction to other services creating the current FCC (increasing its value from 500 million to around 500,000 million) or when contributed to the creation of the ACS, the industry leader in Spain and now in the world by controlling Hochtief.

Deutsche Bank did a good bet on online banking by targeting Inversis, only six months ago. They gambled for future mobile payments and said that the escalation of technological giants in the business of online payments and mobile financial services could be a serious obstacle for banks within five years. Just before Google Bank and Apple Bank, credit cards registered on iTunes more than double of the customers Santander Bank has worldwide, while Google has entered the business of borrowing and lending money with a credit card to invest in advertising with an interest rate of 11.9% in the UK and 8.99% in the United States. One step that Amazon had already implemented, with the opening of a consumer credit program, a phenomenon to which we are used with companies operating offline.

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