Spanish lender Abanca recently announced it has agreed to take a 95% stake in the Portuguese bank EuroBic.
The acquisition, which is still subject to the completion of due diligence, is the second of Abanca in Portugal and the fifth overall since 2014.
The price of the operation has not yet been disclosed but it has been reported that it is aimed at boosting the Spanish bank's revenues amid pressures for European lenders due to zero interest rates.
Abanca chairman Juan Carlos Escotet said in a statement: "We are betting on the Iberian Peninsula. This deal allows us to significantly increase our business volumes by more than €11bn."
Portugal's central bank (BoP) said in a statement it had been informed of the deal, which now was pending regulatory approval from both the European Central Bank and BoP once further information was received and assessed.
According to Reuters, EuroBic said in January that Isabel Dos Santos, daughter of Angola's former President and Africa's richest woman, had decided to sell her shares EuroBic, of which she owned a 42.5% stake.