Plans almost complete for Deutsche Bank Portugal retail selloff
Plans for the transfer of Deutsche Bank’s retail business in Portugal to the Spanish bank Abanca are in their final phases.
According to a legal source involved in the process an announcement on the completion of the transfer should be made shortly.
Deutsche Bank came to an agreement to sell its retail business in Portugal to Abanca in an operation announced in March 2018.
The operation, whose cost was not revealed, is still subject to approval from the European regulation authorities “among other operational conditions” the bank stated in a press release sent out to media outlets.
Abanca, formerly called NovaGalicia, is widespread in the north of Spain with a total of 640 branches and over 4,600 employees.
In Portugal, the Spanish bank currently has four branches, with a business model mainly focused on small and medium enterprises.
“The transaction is part of Abanca’s international strategy to expand its presence in Portugal and grow in strategic segments such as Affluent and Private Banking, which will complement its existing business,” the press release states.