Abanca Corporación Bancaria has agreed to acquire Deutsche Bank’s private and commercial banking (PCB) business in Portugal.
The PCB segment offers a range of financial services to retail clients, as well as business and commercial clients. It also offers solutions to the clients in private banking and wealth management segment.
Subject to regulatory approvals and other conditions, the deal is expected to complete in the first half of 2019.
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, is acquiring Deutsche Bank’s business to expand its operations in the high affluent and private banking segments in the country.
In Portugal, Deutsche Bank will continue its operations in corporate and investment banking segment, offering banking services to Portuguese and international corporate clients, financial institutions and government agencies.
Deutsche Bank Group will also continue its private and commercial bank operation in other markets.
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.
In December, Banco Santander along with its Polish subsidiary Bank Zachodni WBK, agreed to buy Deutsche Bank’s retail and private banking businesses in Poland for €305m.
The divested portfolio includes Deutsche Bank Polska’s retail and private banking business, SME business, asset management arm and sales networks with 113 branches and over 1,500 employees.
In October same year, Apex Group, along with Genstar Capital, agreed to acquire Deutsche Bank’s Alternative Fund Services (AFS) business for an undisclosed sum.
Deutsche Bank’s AFS business offers administration services to hedge funds, private equity and real estate funds, depositary and fund of funds custody. The combination of AFS and Apex will allow to offer range of products and services to the customers.
Image: Abanca has agreed to acquire Deutsche Bank’s private and commercial banking business in Portugal. Photo: courtesy of ABANCA Corporación Bancaria, S.A.