Deutsche Bank: sale of the Private & Commercial Business in Portugal to ABANCA successfully completed
On June 9, 2019 and as planned, Deutsche Bank (XETRA: DBKGn.DE/NYSE: DB) completed the sale of its Private & Commercial Business in Portugal to ABANCA Corporación Bancaria S.A. (ABANCA) that Deutsche Bank announced on March 27, 2018. Over the course of the previous weekend Deutsche Bank Portugal transferred the corresponding clients, assets and employees to ABANCA (Portugal).
With completion of the transaction, assets under management of EUR ~3bn, deposits of EUR ~1bn, and loans of EUR ~3 bn as well as approximately 330 FTE were transferred to ABANCA.
This step 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. At the same time, with the transaction Deutsche Bank is opening long-term prospects for both clients and employees in Portugal.
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.