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Abanca to acquire Deutsche Bank's Portuguese private and commercial client biz

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Abanca to acquire Deutsche Bank's Portuguese private and commercial client biz

Spain-based Abanca Corporación Bancaria SA will acquire Deutsche Bank AG's private and commercial client business in Portugal for an undisclosed price.

Abanca will acquire 41 offices mainly located in the Portuguese cities of Lisbon and Porto, boosting the Spanish lender's presence in the country, where it currently has four offices. The transaction will be completed in the first half of 2019, subject to regulatory approval and conclusion of the technological integration.

The acquisition boosts Abanca's net interest income by 5.0% and commission income by 20%, the bank said March 27.

Deutsche Bank PCC Portugal has a business volume of €6.50 billion, consisting of a portfolio of €2.40 billion in gross loans, €1.00 billion in deposits and €3.10 billion in businesses outside the balance sheet. It has some 330 employees and 100 external agents and a client base of approximately 50,000.

Clifford Chance and Nomura served as Abanca's legal and financial advisers, respectively.