EVO Banco

EVO Banco originated as a business division of NCG Banco, a Spanish banking group. On 12 March 2012, NCG Banco created the division to manage banking activities outside Galicia, Asturias and the Province of León. The arrangement gave NCG Banco a distinct retail brand for other Spanish markets while separating EVO's customer-facing identity from the regional focus associated with its parent. The brand was introduced with a digital and simplified retail-banking proposition. Its principal launch product was Cuenta Inteligente, which was used to communicate the bank's core offering to prospective customers. EVO Banco reported strong initial acquisition during the first four weeks, when it attracted 8,290 clients and €70 million in deposits. These figures describe the early launch period rather than the bank's long-term financial performance. EVO Banco initially operated as a division rather than as a separately incorporated subsidiary. This changed during the restructuring and disposal of NCG Banco's assets. On 9 September 2013, NCG Banco announced the planned sale of the EVO Banco division to Apollo Global Management for €60 million. On 16 October 2013, EVO Banco, S.A. was established as an NCG Banco subsidiary, providing a distinct corporate structure for the business. The next major ownership transition occurred in May 2019, when Bankinter acquired EVO Banco. The transaction included approximately 452,000 customers. Under Bankinter ownership, EVO retained a digital-oriented identity while its branch footprint became increasingly limited. In September 2019, the bank announced that only its Madrid office would remain operational from 18 October. In March 2021, EVO announced that it would relocate that remaining office and its corporate headquarters to a nearby site, with the move expected to take effect around 1 May. The reduction in physical infrastructure was consistent with EVO Banco's positioning as a predominantly digital bank. The available reference material identifies personal banking and Cuenta Inteligente but does not provide enough detail to reconstruct a full product history or to confirm the dates and specifications of additional product lines. In June 2024, Bankinter announced a plan to absorb EVO Banco. The stated rationale was to enhance Bankinter's digital capabilities while reducing costs and improving profitability. This decision suggested that EVO's technology, customer relationships and digital operating experience would be more valuable within Bankinter's integrated structure than as a separately maintained banking entity. The available source does not document the final legal completion of the absorption or definitively state whether EVO Banco continued as a customer-facing brand afterward. Accordingly, the brand's current status remains unresolved in this dossier.

• 2024

  Planned absorption by Bankinter

  [1]EVO Bancoen.wikipedia.org

  Bankinter announces its intention to absorb EVO Banco in order to improve digital capabilities, reduce costs and enhance profitability.

• 2021

  Headquarters relocation announced

  [1]EVO Bancoen.wikipedia.org

  EVO announces the planned relocation of its remaining office and corporate headquarters to a nearby location.

• 2019

  Bankinter acquisition

  [1]EVO Bancoen.wikipedia.org

  Bankinter acquires EVO Banco and incorporates approximately 452,000 customers.

• 2019

  Physical network reduction

  [1]EVO Bancoen.wikipedia.org

  EVO announces that only its Madrid office will remain operational from 18 October.

• 2013

  Apollo acquisition announced

  [1]EVO Bancoen.wikipedia.org

  NCG Banco announces the planned sale of EVO Banco to Apollo Global Management for €60 million.

• 2013

  Separate subsidiary established

  [1]EVO Bancoen.wikipedia.org

  EVO Banco, S.A. is established as a subsidiary of NCG Banco on 16 October.

• 2012

  EVO Banco is created

  [1]EVO Bancoen.wikipedia.org

  NCG Banco creates EVO Banco on 12 March as a division serving markets outside Galicia, Asturias and the Province of León.

• 2012

  Launch of Cuenta Inteligente

  [1]EVO Bancoen.wikipedia.org

  EVO Banco launches with Cuenta Inteligente as its principal promoted financial product.

A digitally oriented Spanish retail banking brand emphasizing simplified personal banking and limited reliance on physical branches.

• Current account and deposit product · 2012

  Cuenta Inteligente

  Cuenta Inteligente was EVO Banco's principal financial product at launch and a central part of the brand's initial customer proposition. The available reference identifies it as the bank's main promoted product but does not provide sufficient detail about its account mechanics, rates, eligibility rules or later versions. It is therefore recorded as a confirmed launch offering without additional unverified specifications.

• 2012EVO Banco launch campaign

  Spain

  The launch campaign introduced EVO Banco as a new Spanish retail banking brand and promoted Cuenta Inteligente as its principal financial product.

  Outcome. The first four weeks were reported to have produced 8,290 customers and €70 million in deposits.

  Source

• 2024

  Planned absorption into BankinterM&A

  Background

  Bankinter stated that integrating EVO Banco would allow it to make better use of EVO's digital capabilities and simplify the combined operating structure.

  Action taken

  In June 2024, Bankinter announced plans to absorb EVO Banco.

  Aftermath

  The announced objectives were stronger digital capabilities, lower costs and improved profitability. The available material does not confirm the final completion date or the subsequent status of the EVO brand.

  Source

• 2019

  Bankinter acquisition of EVO BancoM&A

  Background

  Bankinter acquired EVO Banco as part of its expansion of its customer base and digital banking capabilities.

  Action taken

  Bankinter acquired EVO Banco in May 2019, incorporating approximately 452,000 customers.

  Aftermath

  EVO continued under Bankinter ownership while operating with a progressively smaller physical presence.

  Source

• 2013

  Sale of EVO Banco to Apollo Global ManagementM&A

  Background

  EVO Banco was originally created as a division of NCG Banco. NCG Banco announced the sale during a period in which the EVO business was being given a more distinct corporate structure.

  Action taken

  NCG Banco announced on 9 September 2013 that it would sell the EVO Banco division to Apollo Global Management, and EVO Banco, S.A. was established as a subsidiary on 16 October.

  Aftermath

  The transaction separated EVO Banco from its original divisional arrangement and placed the brand within an Apollo-related ownership framework.

  Announced acquisition price. €60 million (2013 announcement)

  Source

1. 1EVO Bancoen.wikipedia.org