Banco BNI Europa has entered the Spanish equity release market after partnering with financial adviser Óptima Mayores.
The challenger bank’s equity release product is designed for homeowners aged 65 or over, who need extra liquidity which can work as a complement to their pension.
Banco BNI Europa believes the product will enable customers to release some of the equity in their property without having to sell it.
“We believe that the Spanish market is particularly interesting as a result of the high percentage of homeowners and the fact that our offer is complementary to the life annuity product already available in this market,” said Pedro Pinto Coelho, executive chairman at Banco BNI Europa (pictured above).
Óptima Mayores has specialised in equity release products since 2005 and has answered over 16,000 customer requests for such products, working with all the banking and insurance companies marketing equity release in Spain.
“Óptima is very pleased to collaborate with Banco BNI Europa, as it is a bank that is committed to financial innovation and is available to explore solutions that meet the needs of our customers,” said Ángel Cominges, CEO at Óptima Mayores.
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