Abanca Corporación Bancaria has completed the acquisition of Deutsche Bank’s private and commercial banking (PCB) business in Portugal.
Image: Exterior image of one of the points of sale of Abanca in Portugal. Photo: courtesy of ABANCA Corporación Bancaria, S.A.
Under the deal, Deutsche Bank has transferred the corresponding clients, assets and employees to Abanca (Portugal).
As the deal concluded, assets under management of around €3bn (£2.6bn), deposits of €1bn (£888.9m) and loans of €3bn (£2.6bn), as well as around 330 FTE have been transferred to Abanca.
Deutsche Bank said that its step represents further progress by it in executing its strategic objectives, in specific with respect to reducing complexity, costs and the number of full-time equivalent employees.
The deal will also allow Deutsche Bank to open long-term prospects for both clients and employees in Portugal.
Abanca said that it will keep the strengths of the acquired business and will enhance its operational and business capabilities in areas such as corporate banking, insurance or digital banking.
In March this year, Abanca first signed the deal to acquire Deutsche Bank’s business, which offers a range of financial services to retail clients, as well as business and commercial clients.
The business also provides solutions to the clients in private banking and wealth management segment.
Deutsche Bank will continue to manage its existing businesses, including corporate and investment banking segment, in Portugal. It mainly focuses on the global transaction banking and corporate finance.
The bank will also continue to offer banking services to its Portuguese and international corporate clients, financial institutions and government agencies.
With more than 20 million clients, the PCB business serves as a core business for Deutsche Bank in countries such as Belgium, Italy, Spain, India and Germany.
Deutsche Bank offers commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals
With around 640 branches and more than 4,600 employees, Abanca provides financial services to the customers in Spain.
Abanca, which already operates four branches in Portugal, acquired Deutsche Bank’s business to expand its operations in the high affluent and private banking segments in the country.