The Ecuadorian group Pichincha has opened a new direct banking brand in Spain. Pibank follows the online banking model, which allows consumers to open an account and operate easily from any place using the Internet and its mobile app.

The new bank will also have physical branches to serve its customers. The first has already opened in Bilbao, and will soon be followed by others in Barcelona, Valencia, Zaragoza and Madrid. The first product offered on its website is a payroll account with no fees and free use of its ATMs worldwide.

The Pichincha Group
Banco Pichincha arrived in Spain in 2007, and three years later obtained a license to operate as a Spanish commercial bank with its head office in Madrid. Since then, it has operated in Spain with the brands Banco Pichincha, real estate developer Urbanafé and insurance manager Confiasegur, which is now joined by its new direct banking business Pibank.

The Pichincha brand is focused above all on private customers, essentially Ecuadorians and other Latin America nationals. In December 2017, the group had over 81,000 customers in Spain, who were served by 179 employees in 18 branches (12 for private customers and six for companies).