Spanish Banking Association (AEB) presented a report stating that the online major banks in Spain (Open bank, Undo-e, the inverse and Bank-e is popular) had accumulated losses of € 3,970,000,000 in the first nine months of this year. This figure contrasts with the advantage that these institutions during the same period in 2007, when it amounted to € 41,620,000.
Undo-e, belonging to an online bank group BBVA, is the entity with the greatest losses: € 18,750,000, as compared with a profit of 13.08 million people who registered between January and September last year.
Popular bank-e, meanwhile, lost 2.30 billion euros, when in the first three quarters of 2007 have received € 7,850,000. Inverse, however, has won € 680,000. However, that figure represents a decrease of 74 percent from a profit of EUR 2.69 million achieved a year earlier.
Finally, the positive results reached € 16,400,000 Open bank. Between January and September 2007, the online bank has received € 18,000,000.
Especially AEB statistics do not include ING Direct, an online bank, but operates as a subsidiary of ING Group and is not required to submit their accounts to the Bank of Spain.