Abanca buys Eurobic

 In Banks, Mergers and Acquisitions, News

The Spanish bank Abanca is now the owner of Portuguese bank Eurobic that will close 2023 with an expected record profit of just over €100 million.

The bank, which was sold for €300 million, posted profits of €75.8 million in the first nine months of the year, up 180% compared to the same period last year. Eurobic’s performance this year has exceeded all previous results. The bank was sold after the two main shareholders, Angolan tycoon Isabel dos Santos, and Portuguese entrepreneur Fernando Telles sold their shares.
As was the case with the other banks, interest rate increases had helped the institution led by José Azevedo Pereira to achieve record profits for the first seven months of the year.
The bank’s financial margin increased 138% to €188.8 million between January and September.
Founded in 2008, the former Bic enjoyed its best results since the €61 million posted in 2019 before its main shareholder Isabel dos Santos became the centre of the Luanda Leaks storm in January, 2020.
End-or-year profits are expected to reach three digits, or just over €100 million for 2023. In 2018 the bank’s results stood a €42 million, €61 in 2019, a net loss of €-5 million in 2020, €7.5 million in 2021.