Advanzia Bank
Encyclopedia
Advanzia Bank S.A. was established in Luxembourg
in 2005 subject to CSSF supervision, specializing in euro savings accounts and no-fee credit card
s. The bank was established as a result of the former Founding Management of Bankia Bank seeking to establish an EU-based bank. This was accomplished with the previously largest shareholder of Bankia Bank, Kistefos
, becoming the largest shareholder of Advanzia Bank. Fyksen, Grenth, and Holtedahl has together with Dr. Thomas Schlieper set up the bank, which has quickly become a significant issuer of international credit cards in mainland
Europe without a presence in the highly competitive UK card market. Europe's premier card issuer is Barclaycard
of the UK.
Under the umbrella of Europe
an cross border banking regulations, Advanzia caters primarily to Luxembourgish
and German clients.
Within its first year of operations, the bank had become the largest Luxembourgish issuer of credit cards with its "Gebührenfrei MasterCard Gold". The bank made its first profits in 2009, with the 2008 financial crisis being a significant contributor to lowering funding costs. The current CEO is Marc Hentgen, formerly CEO of Fortis Consumer Finance Deutschland, having led its ambitions for growth in Germany through Credit4me.
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
in 2005 subject to CSSF supervision, specializing in euro savings accounts and no-fee credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
s. The bank was established as a result of the former Founding Management of Bankia Bank seeking to establish an EU-based bank. This was accomplished with the previously largest shareholder of Bankia Bank, Kistefos
Kistefos
Kistefos is a privately owned holding company that pursues investments within venture capital, private equity, offshore, shipping and other sectors. It is owned by Christen Sveaas and led by CEO Åge Korsvold....
, becoming the largest shareholder of Advanzia Bank. Fyksen, Grenth, and Holtedahl has together with Dr. Thomas Schlieper set up the bank, which has quickly become a significant issuer of international credit cards in mainland
Continental Europe
Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands....
Europe without a presence in the highly competitive UK card market. Europe's premier card issuer is Barclaycard
Barclaycard
Barclaycard, part of Barclays Retail and Business Banking, is a global payment business. The Barclaycard was the first credit card introduced in the UK, coming into service in 1966. It enjoyed a monopoly until the introduction of the Access card in 1972....
of the UK.
Under the umbrella of Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
an cross border banking regulations, Advanzia caters primarily to Luxembourgish
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
and German clients.
Within its first year of operations, the bank had become the largest Luxembourgish issuer of credit cards with its "Gebührenfrei MasterCard Gold". The bank made its first profits in 2009, with the 2008 financial crisis being a significant contributor to lowering funding costs. The current CEO is Marc Hentgen, formerly CEO of Fortis Consumer Finance Deutschland, having led its ambitions for growth in Germany through Credit4me.
Sources
- http://www.advanzia.lu
- http://www.cssf.lu/index.php?id=8&L=1
- http://www.focus.de/finanzen/karten/kreditkarten-vergleich
- http://www.test.de/presse/pressemitteilungen/-Tages-und-Festgeld/1576820/1576820/