The listed Estonian bank Inbank on Thursday began collecting deposits from the Dutch market using the international deposit platform Raisin, Inbank told the stock exchange.
Inbank, which has so far been focusing mainly on consumer credit, has already successfully used Raisin for the same purpose in Germany and Austria. The purpose of collecting deposits is to support Inbank’s international financing activity and make it more flexible and efficient to raise capital.
Inbank’s head of group product development Erkki Saarniit said Inbank is offering an annual interest rate of up to 1.40% on term deposits in the Dutch market, which is on par with the rates offered in Germany and Austria.
“As of the end of last year, our portfolio of deposits from customers in Germany and Austria was close to 150 mln euros, which shows that our offers are very attractive in other countries,” Saarniit said.
In addition to collecting deposits in the Netherlands, in 2019, Inbank plans to start offering deposits through a bank branch to be opened in Lithuania. Inbank will continue accepting deposits in Estonia.
Operating as a bank since 2015, Inbank offers services through its Internet bank and partner network. Inbank operates in the Estonian, Latvian, Lithuanian and Polish consumer financing markets. It also collects international deposits in the German, Austrian, and now, the Dutch markets.
Raisin is an online savings marketplace founded in Germany. Since its launch in 2013, it has provided over 160,000 people access to savings products offered by 66 banks.
Inbank’s profit totaled 9.3 mln euros in 2018. The volume of the loan portfolio was 225.6 mln euros and the volume of deposits was 240.2 mln euros as at the end of the year.
