Abanca takes control of Eurobic after Isabel dos Santos sells 42% share
Angolan investor Isabel dos Santos has sold her 42% share in Portuguese bank EuroBic to Abanca in a deal that was signed on 11 June, four years after the Bank of Portugal gave the green light for he bank’s sale.
The Spanish bank Abanca purchased the bank and will change the bank’s name and brand this month. The amount paid for the sale of Isabel dos Santos’ shares has not been made public.
Now Abanca owns the bank lock, stock and barrel, Abanca is now the sixth largest bank in Portugal and EuroBic starts with a clean slate after controversy over its links to Isabel dos Santos and the Luanda Leaks damaged the bank’s reputation.
The sale of EuroBic in a deal worth €300 million brings the total number of Abanca customers in Portugal to 300,000.
Also bought out were other Angolan investors including Fernando Telles. With the acquisition of 100% of EuroBic’s capital announced in November, 2023, but awaiting the green light from the regulators, Abanca will now triple its presence in Portugal with 251 branches and a business turnover of around €20Bn.
“The acquisition of EuroBic has a clear strategic meaning for Abanca, due to the dynamism of the Portuguese market, its inter-economic relationship with Galicia and Spain, and the synergies it provides to our project,” said Juan Carlos Escotet, president of Abanca, quoted in a statement, in an operation in which he was advised by the consultant Clearwater Portugal.
“It is the most significant corporate operation we have developed to date, and the second in Portugal since we inaugurated this phase of international growth in 2018 with a clear vocation for Iberian consolidation,” he added.
The bank will operate under the Eurobic Abanca brand until the completion of the technological and operational integration process, expected to take place throughout 2025.
Abanca enjoyed record profits that saw results triple to €711 million in 2023. EuroBic also achieved record profits of €104 million, up 160% on 2022.
