The FINANCIAL -- Deutsche Bank announced on March 27 that it has entered into an agreement to sell its local Private & Commercial Banking business in Portugal to ABANCA Corporación Bancaria S.A. (ABANCA).
With the transaction, Deutsche Bank continues to execute its strategy to sharpen its focus and reduce complexity. The transaction remains subject to regulatory approvals and other conditions. The parties are aiming to close the transaction in the first half of 2019, according to Deutsche Bank.
ABANCA is the leading financial institution in Northwest Spain, with 640 branches and more than 4,600 employees. ABANCA already operates in Portugal through four branches with a business model focused on Small and Medium Enterprises. The transaction is part of ABANCA’s international strategy to strengthen its presence in Portugal and grow in the strategic segments High Affluent and Private Banking, which will complement its existing business.
Deutsche Bank remains firmly committed to Portugal and will remain present with its operations in Corporate & Investment Banking including Global Transaction Banking, providing banking services to Portuguese and international corporate clients, financial institutions as well as government agencies.
In other markets, the Private & Commercial Bank continues to be a core business area for Deutsche Bank Group.
Deutsche Bank will partner with its clients, regulators, employees and other stakeholders to ensure a smooth transition.