Spanish lender Abanca buys 95% of Portuguese bank EuroBic

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...