Spanish bank Abanca Corporación Bancaria has completed the acquisition of Deutsche Bank's Portuguese private & commercial business a year after announcing it.
Following the acquisition, Abanca will receive from Deutsche Bank €3bn in assets under management, €1bn in deposits, €3bn in loans, and around 330 FTE.
Deutsche Bank confirmed that the clients, assets and employees from its Portuguese branch have been already transferred to the Spanish bank based in Galicia.
The operation represents further progress by Deutsche Bank in executing its strategic objectives, in particular with respect to reducing complexity, costs and the number of full-time equivalent employees, the German bank said in a note.
"Deutsche Bank remains committed to its existing businesses, namely its Corporate & Investment Banking business, especially Global Transaction Banking and Corporate Finance and we will continue to provide banking services to our Portuguese and international corporate clients, financial institutions and government agencies.
The Private & Commercial Business remains a core business of Deutsche Bank in dedicated countries, including Belgium, Italy, Spain and India as well as our home market Germany, where we serve over 20 million clients," said the bank's note.